Sequoia leads $13m round of 🇸🇬 blockchain authentication firm

Web3Auth, a Singapore-based blockchain startup, has raised US$13 million in a series A funding round led by Sequoia Capital India, with participation from Union Square Ventures and Multicoin Capital.

Web3Auth team / Photo credit: Web3Auth

Founded by Zhen Yu Yong in 2018 and formerly known as Torus, Web3Auth eases the authentication process to enter blockchain-based apps, especially for new users.

To access accounts on crypto wallets or blockchain apps, users usually need to enter a string of words called a seed phrase, which keeps the account secure. According to Web3Auth, this process may alienate new crypto users and deter them from further exploring blockchain-based platforms.

Web3Auth allows developers to provide a more common login flow – similar to the sign-in pages of platforms like Google and Twitter – for their new users. The platform also lets developers continue offering seed phrase authentication for their current users.

In a statement, the company said that its infrastructure has been used by more than 1 million monthly users with 8 million keys. Its authentication tech has so far been integrated with the crypto wallets and blockchain apps of companies such as Binance, Ubisoft, Kukai, and Skyweaver.

Other investors in this round include:

• 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
• Decentralab