Crypto News– 0xPass, one of the numerous startups dedicated to enhancing the security and usability of cryptocurrency wallets for widespread adoption, focuses on simplifying the user experience, particularly in addressing the intricate login process that currently demands a fair degree of technical proficiency.
Balaji Srinivasan and a Group of Investors Inject 1.8 Million Dollars into 0xPass for Advancing Web3’s Secure Login Infrastructure
Incubated within the Stanford Blockchain Club, 0xPass empowers developers to integrate multiple authentication methods into non-custodial wallets. In the context of web2 equivalents, it stands in a league akin to Auth0 or the foundational infrastructure supporting password management tools like 1Password.
In November of the previous year, Krish Chelikavada and Keon Kim were presenting their project at AllianceDAO’s demo day when the news of FTX’s downfall broke. This event set off a chain reaction that ultimately ushered in the current ‘crypto winter,’ precipitating a decline in cryptocurrency valuations.
However, as many technical crypto projects would attest, this downturn has provided a fertile environment for innovation and development. Chelikavada noted in an interview with TechCrunch, ‘We were striving to create something diametrically opposed to FTX.’
He was alluding to the infrastructure that underpins self-custodial wallets, where users enjoy complete control over their assets—a feature that has been gaining prominence in the wake of FTX, the centralized exchange, encountering difficulties. Meanwhile, the speculative fervor in the crypto space has subsided, allowing greater room and time for the evolution of blockchain infrastructure.
After a year of dedicated work, 0xPass proudly announces its successful $1.8 million pre-seed funding round. The round drew support from investors spanning the United States and Asia, including notable names like AllianceDAO, Soma Capital, Alchemy Ventures, Blockchain Builders Fund, Formulate Ventures, Kommune, Hashed EM, Signum Capital/UOB, Nonce Classic, and distinguished angel investors such as Balaji Srinivasan, former Coinbase CTO, and Cory Levy of Z Fellows.