Web3Auth Raises $13M in Funding


Web3Auth (formerly known as Torus), a Singapore-based auth infrastructure solution for Web3 apps and wallets, raised $13m in Series A funding.

The round, which follows a $2m seed round, bringing the company’s total financing to date to $15m, was led by Sequoia Capital India with participation from Union Square Ventures, Multicoin Capital, FTX, Bitcoin.com, DARMA Capital, Chainstry, Hash, KOSMOS Capital, Kyros Ventures, LD Capital, Minted Labs, P2P Capital, Phoenix VC, Staking Facilities, YBB Capital, Moonwhale Ventures, and Decentralab.

The company plans to use the funds to accelerate expansion into decentralized gaming, NFTs, and social applications.

Led by Zhen Yu Yong, Co-Founder and CEO, Web3Auth is a secure auth infrastructure for Web3 apps and wallets. By aggregating OAuth (Google, Twitter, Discord) logins, different wallets, and existing key management solutions, Web3Auth provides a familiar dApp and wallet login experience suited to every user. The company is also the creator of the Torus Network, an open source, non-custodial, distributed key management network maintained by the Torus Foundation and some of the largest and most secure crypto-companies in the world. 

Wallets and applications like Binance Extension Wallet, Keplr, and Skyweaver use Web3Auth in their core flows to boost conversion rates, reduce loss, and support tickets.