Tweed is a crypto wallet API for adding a web3 flavor to any web service

Image credit: Tweed

Meet Tweed, a startup coming out of stealth today that has been working on a white-label cryptocurrency wallet and payment solution. With Tweed, companies can generate wallets for their users so they can buy, hold, send and spend crytpo assets without 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 also participate.

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 to allow users to 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 having to switch to another product or without a browser extension.

“It goes back to the main issue in the space right now. The user experience is still the main issue in any company, brand, platform that taps into the web3 space. You can’t expect people to have a wallet or go and download one and come back to platform, co-founder and CEO Michelle Latzer told me.

Behind the scenes, Tweed wallets are self-managing wallets. Users who rely on Google’s social sign-in feature do not need to remember their private key as it is linked 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 Ethereum, Polygon and Tezos blockchains. Users can store both NFTs and tokens in these 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 payment cards. Tweed also works with offrampers to receive fiat into a bank account.

Using a native web3 infrastructure product like Tweed means you don’t have to worry about KYC or other regulatory concerns. Users are in charge of 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 will come down to execution. But it also means that Tweed is definitely onto something interesting.