Tweed is a crypto wallet API to add a web3 flavor to any web service
Meet Tweed, a startup emerging from stealth today that has been working on a white-label cryptocurrency wallet and payment solution. Tweed allows companies to generate wallets for their users so they can buy, hold, send and spend crypto assets without any technical knowledge.
The startup raised a $4 million seed round last summer, with Accel leading the round. Communitas Capital Partners, Zero Knowledge Venture and angel investors such as Sorare CEO Nicolas Julia, Mike Vaughan, Ameet Patel and Cristóbal Conde are also participating.
Tweed targets Web 2.0 companies that want to add a web3 component to their service. For example, if you run a marketplace, you can use crypto wallets so that users can send and receive tokens. Or if you’re a game studio, you might want to turn in-game items into NFTs.
Tweed is an application programming interface that can be integrated into your existing product. Users can create a wallet without switching to another product or without a browser extension.
“That goes back to the biggest problem in space right now. The user experience continues to be the biggest issue in every company, brand and platform leveraging the web3 space. You can’t expect people to have a wallet or download one and come back to the platform,” co-founder and CEO Michelle Latzer told me.
Behind the scenes, Tweed wallets are self-storage wallets. Users relying on Google’s social sign-in feature don’t need to remember their private key, as it’s tied to their Google account. Users can also choose a password to unlock the so-called “recovery kit”.
After that, Tweed’s wallets are compatible with the Ethereum, Polygon, and Tezos blockchains. Users can store both NFTs and tokens in those wallets.
In addition to this wallet infrastructure, Tweed also offers payment integrations. In this way, users can top up their wallets or buy NFTs with a payment card. Tweed is also working on offramps to receive fiat into a bank account.
Using an embedded web3 infrastructure product like Tweed means you don’t have to worry about KYC or other regulatory issues. Users are in charge of their crypto assets and Tweed handles the fiat-to-crypto infrastructure.
Interestingly, Coinbase also unveiled its wallet API this week. There are many similarities between the two products, so it comes down to performance. But it also means Tweed is definitely onto something interesting.