Web3Auth Announces a $13 Million Series A Funding
Web3 appears to be growing faster everyday. Web3auth, formerly known as Torus, raised a $13 million round led by Sequoia Capital India, according to a press release.
“We designed Web3Auth to bypass the UX obstacles holding back mainstream crypto adoption. True to our focus on accessibility, we wanted Web3Auth to meet users wherever they are. Intuitive and familiar login flows are needed if we want to onboard the next wave of mainstream users into crypto” said Zhen Yu Yong, Co-Founder and CEO of Web3Auth.
Other participants were included in the funding round such as Union Square Ventures, Multicoin Capital, FTX, Bitcoin.com, DARMA Capital, Chainstry, Hash, KOSMOS Capital, Kyros Ventures, LD Capital, Minted Labs, and others.
What Is Web3Auth?
Have you logged into a new site where you don’t want to put your information and just logged in through your email (Google) or Twitter? That’s exactly what Web3auth is doing, to make it easy to log in through crypto wallets.
Web3Auth has an authentication infrastructure designed for Web3 apps and wallets, having a better user experience when someone connects with any blockchain, by removing directly the public and private keys or seed phrases of the user’s wallet.
Web3Auth runs on the Torus Network, a public distributed and non-custodial key management network. They are working with big names like Binance with the Binane Extension Wallet, Ubisoft, Kukai and Skyweaver.
How Does the Authentication Infrastructure Work?
The keys are managed by the Torus Key Infrastructure (TKI). The private key of the wallet is divided into three shares: ShareA is stored on the user’s device, for example, mobile devices; ShareB uses a social login like Google and is secured by the Torus nodes and ShareC is the recovery share.
For its security, the user must provide proof of his/her identity at least 2 of the 3 Shares, just like the 2FA security systems.
As more companies like Web3Auth offer services to improve the user experience, probably more people will join the crypto world and start using Web3 apps.
Web3 has a wide range of utilities such as NFTs, which had a huge impact in 2021. If the Web3 adoption continues in 2022, Web3 coins could have a positive price impact.