Tweed, a company looking to support any web2 platform tapping into the web3 space, has come out of stealth with $4m in funding.
The round was led by Accel and saw participation from Communitas Capital Partners and Zero Knowledge Ventures. A number of angel investors also took part.
Founded in 2022, Tweed claims it supports brands through every step of the web3 payment flow, providing an end-to-end solution to platforms through its white-label, self-custodial wallet with multi-chain support.
Consumers are given a familiar entry point into web3 without the need to create their own wallets or remember complicated recovery phrases, while brands are able to onboard users faster and securely with a fully embedded and customizable wallet.
Tweed’s proprietary, self-custodial wallet offloads the regulatory burden of obtaining a license and enables users to retain ownership of their own assets. With Tweed, brands no longer have to choose between offering consumers a great user experience or true ownership of their digital assets.
Tweed’s SDKs are also developer-friendly and easy-to-implement as they integrate into existing sign-up/login processes (e.g. social logins), without requiring extra steps for the user. Brands stay in full control of the user interface and can create experiences and user journeys that best suit their customers.
The investment, Tweed claims, will be used to further accelerate hiring and improve the platform’s offerings.
Tweed CEO Michelle Latzer said, “More businesses are accepting crypto payments and incorporating web3 experiences than ever before. However, this new era of web3 payment infrastructure is still in its infancy. It remains difficult to scale transactions without experiencing massive regulatory, technical and onboarding friction.
Starting with a developer-friendly, white-label, true self-custodial wallet, Tweed helps brands scale their web3 offering so that they don’t have to choose between user experience or user ownership, all without added regulatory overhead. From gaming to retail, every sector will be able to bring the familiarity and convenience of web2 onboarding into the world of web3 with Tweed. We’re incredibly excited to partner with Accel to bring our vision to platforms and brands everywhere.”
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