0xPass Raises $1.8M for Web3 Secure Login

0xPass is resolving the problem of making cryptocurrency wallets more user-friendly for greater adoption. At the Stanford Blockchain Club, developers can use different authentication methods into non-custodial wallets, smoothing the login process like web2 solutions like Auth0 or password managers like 1Password and 0xPass plans to improve the user experience. Despite the crypto market downturn, the team remains focused on building, as many technical crypto projects see the “crypto winter” as a chance for development.

0xPass plans to build a stark contrast to centralized exchanges like FTX, which has raised $1.8 million in a pre-seed funding round. Investors from the U.S. and Asia participated in the funding round, including AllianceDAO, Soma Capital, and prominent individuals like Balaji Srinivasan and Cory Levy. Furthermore, their main aim is to empower users with self-custodial wallets where they have complete control over their assets. While FTX’s troubles affected investor sentiment, 0xPass remained relatively resilient in a shifting crypto landscape.

In the realm of non-custodial wallets, the problem arises in maintaining user-friendly experiences while ensuring the self-custody of keys. To resolve this, 0xPass adopts a growing cryptographic strategy called multi-party computation (MPC). This method “shards” keys into multiple segments and disperses them among participants.

Unlike traditional MPC, which distributes key shares between users and service providers’ backend, 0xPass uniquely divides key shares exclusively across network nodes. Traditional MPC methods limit flexibility, as developers have less control, and users must always initiate transactions.

To monetize its services, 0xPass aims to charge customers based on usage. The developing and evolving regulatory landscape in the crypto industry remains a vital unknown factor, with potential implications for wallet infrastructure that will need monitoring and adaptation as regulations develop.