Web3Auth raises $13M Series A to drive mass adoption on Web3 applications and wallets via simple, non-custodial authentication infrastructure
Led by Sequoia Capital India with participants such as Union Square Ventures and Multicoin Capital, the Series A funding round advances our mission to eliminate seed phrases and make blockchain authentication decentralized and accessible to all.
We are excited to announce that we have raised $13M led by Sequoia Capital India, Union Square Ventures, Multicoin and others, to drive mass adoption in Web3 through simple, secure, and non-custodial auth infrastructure for apps and wallets. The round follows demonstrable success, with our infrastructure securing over 1M monthly users and 8M keys, on wallets and applications such as Binance Extension Wallet, Ubisoft, Kukai, Skyweaver, and more. We are also proud to reveal Web3Auth, which kickstarts the decentralization of the Torus Network.
The Series A was raised with additional participation from FTX, Bitcoin.com, DARMA Capital, Chainstry, Hash, KOSMOS Capital, Kyros Ventures, LD Capital, Minted Labs, P2P Capital, Phoenix VC, Staking Facilities, YBB Capital, Moonwhale Ventures, and Decentralab.
For those who don’t know us, the Torus team (now specifically more known as Web3Auth) have been working on improving onboarding and non-custodial key management in the crypto space. A critical problem that quantifiably has contributed to the loss of nearly 20% of all Bitcoin in circulation. Fear of loss and unfamiliarity of keys/seed phrases presents a significant barrier to entry that deters non-technical users from exploring Web3 and participating in the ecosystem.
Web3Auth is simple, non-custodial auth infrastructure for Web3 wallets and applications. For your crypto native users Web3Auth makes them feel right at home, allowing them to connect or use their key management of choice, be it Metamask, Phantom, Ledger and so on. For new users developers can use Web3Auth to build intuitive login flows, such as single sign-on with Google and Twitter, eliminating the need for users to directly interface with vulnerable public-private key pairs.
Under the hood, Web3Auth’s mainstream UX is powered by the Torus Network (which Torus now refers exclusively to), it enables users to use multiple factors to access their wallet, leveraging on existing things a user has to secure these factors. These include their social login, existing devices, backups/passwords and in the future even family. This immediately improves on the existing key management standard of seed phrases, which is essentially a single point of failure.
For those who have known Torus before Web3Auth, Web3Auth consolidates our existing products, and draws a clear distinction between the products we build and the underlying infrastructure, allowing us to take further steps towards further decentralizing this infrastructure. Moving forward, the Torus Network will refer to the underlying infrastructure that supports our products, and Web3Auth will refer to the one stop pluggable product that Web3 apps/wallets know & love.
Developers can integrate Web3Auth into their application just with a couple lines of code and allow users to connect to any blockchain. And can start here.
Apart from the initial connection, Web3Auth also provides:
- Customizable UI / even fully whitelabel
- Plugging in your own existing auth and user base
- Fiat-to-crypto aggregator, so users can also choose the best fiat-to-crypto provider for your application and the user’s region.
- Incremental security and better redundancy, which drastically reduces support tickets for mainstream users.
- Broad platform support, including SDKs for iOS, Android, React Native and Unity.
What will happen to existing users/developers and the Torus Network?
Existing users and developers on our current products (i.e. CustomAuth, OpenLogin, Torus Wallet) do not have to do anything, and they can be rest assured that these products will continue to be developed and supported as they are used as components of Web3Auth. No action is required from developers or end-users.
We will continue working on the underlying infrastructure to improve efficiency and security, but the priority for us is to further decentralize the Torus Network. This means major improvements to the capability for new nodes to join and leave the Torus Network, as well as additional features that formalize the interactions between dApps and nodes. Stay tuned for more updates on this over the next few months!
As usual, we’re always hiring and if you’re interested in solving some of the hardest problems in this industry, we welcome you to apply. If you’re an application or wallet looking to use Web3Auth, reach out to us at email@example.com, and let’s discuss!