Torus Rebrands to Web3Auth, Raises $13M to Simplify Crypto Logins

The company will use the funding to support its Web 3 plans for providing non-custodial authentication infrastructure for cryptocurrency wallets.

Jan 12, 2022 at 1:19 p.m. UTC
Updated Jan 12, 2022 at 2:56 p.m. UTC

Crypto infrastructure provider Torus has changed its name to Web3Auth and raised a $13 million round led by Sequoia Capital India, the company said in a blog post on Wednesday.

  • The Series A capital will be used to support its Web 3 plans for providing non-custodial authentication infrastructure for cryptocurrency wallets.
  • The Singapore-based company allows applications to interact with the Torus key infrastructure and is used by the Binance Extension Wallet, Ubisoft, Kukai and Skyweaver.
  • Other investors in the round included Union Square Ventures, Multicoin Capital, FTX, Bitcoin.com, Hash, Kosmos Capital, Kyros Ventures, LD Capital, Minted Labs, P2P Capital, Phoenix VC, Staking Facilities, YBB Capital, Moonwhale Ventures and Decentralab.
  • Web3Auth said its team is, “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.”

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Tanzeel Akhtar is a CoinDesk news reporter based in the UK.