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- Webacy allows access to existing self-custodian wallets without keys, passwords or seed phrases.
- The company released a safety product suite with exciting features.
The FTX collapse sparked a serious discussion over the custody of assets and wallets. The incident highlighted the dire need for ownership. Even after the various bad incidents, the technology behind cryptocurrency was never doubted. Webacy, a startup that works on enhancing the security of self-custodial wallets, recently managed to score a $4 million seed funding round led by Web3-focused investment firm gmjp with Gary Vaynerchuk, Aj Vaynerchuk and Mozilla Ventures.
The other investors in the round were Soma Capitals, CEAS Investments, DG Daiwa Ventures, Quantstamp, Dreamers and Miraise and others.
What is Webacy?
Webacy allows users access to their self-custodial wallets without requiring keys, passwords or seed phrases. Providing major security features greatly reduces the risk of stolen or lost assets, which is a genuine problem in the crypto industry. In January, CEO and co-founder of NFT collective Proof, Kevin Rose, revealed the hack over his personal wallet that contained 40 high-value collectibles.
CEO and founder of Webacy, Maika Isogawa, said that a safe environment is required to welcome billions of users in Web3. Allowing every user the facility to transact and own assets empowers them to protect themselves in the process. 2022 saw billions of dollars worth of crypto assets either stolen, hacked or misplaced.
“We’re creating a safer Web3 for everyone.”
A former Microsoft cybersecurity engineer and Stanford alums founded the company. It is based in San Francisco and previously raised funds in an unannounced pre-seed round back in the latter half of 2021.
Added features by Webacy
The company had released a safety product suite, which included many exciting features like a wallet watcher allowing real-time monitoring. A backup system is very helpful in situations where a user lost the keys or seed phrase. The suit also includes a “panic button,” which allows users to bulk-send assets to a safer wallet in case of an exploit or a hack. Finally, crypto will ensure that the assets go to a predesignated address or a person if the owner dies; it works like a normal will, just in blockchain smart contracts.
Major Partnerships
Webacy had recently announced its partnerships with some companies; the list includes communities like MetaverseHQ, VaynerSports Pass, and a hardware wallet brand called Arculus.
Implications for the industry
Ownership of assets and safety from hacking and stealing is a major concerns. Fueling these fears are recent hacks and collapses. The main promise crypto made during inception was decentralization and safety; both were sidelined with many centralized exchanges and non-custodial wallets. Now is when the technology is ripe enough for a few alterations and updates; such companies working on wallet security could bring back the lost interest and trust in the industry. If a user knows that the assets are safe in a particular wallet, with added features and facilities, this would provide peace of mind and enhance risk-taking, further fuelling mass adoption.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
