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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.

Updated May 11, 2023, 4:12 p.m. Published Jan 12, 2022, 1:19 p.m.

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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Web 3.0 Funding Sequoia Capital Wallet

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.