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Solvo, a London-based cryptocurrency investment app, has announced that it has turned to Qubit with the aim of making Web3 more accessible to gamers.
Qubit's first product, Qubit Wallet, is a smart contract wallet designed to allow players to play Web3 games smoothly, control their digital assets, and make in-game purchases. The creators of Qubit believe that the Qubit wallet is the missing piece to bring new players and game studios to the Web3.
The player wallet is packed with gaming and security features, including a download process, an "intuitive user interface" and the ability to register and restore your account by phone or email. It provides social login, account recovery and easy self-management which helps users to play web3 games. Users can request an invitation here.
Company founders Aileen Denovitzer and Shailendra Sasson, both former CEOs of Revolut, created Solvo to address the lack of a reliable and easy-to-use investment platform.
They recognize that newcomers to Web3 and "OG" crypto players face complex technical requirements, risks of password/password loss, and a difficult onboarding process for new platforms. Now the founders are expanding Solvo's technology to solve this problem by creating a Qubit wallet.
Here's how it works
Denovitzer says that with the Qubit wallet, players will be able to focus on their favorite games while having the highest level of security and control over their resources. The wallet will come with gaming and security-oriented features, including multiple logins.
When users look at their wallet, they will see that it can be both cross-chain and cross-chain. They can see all game assets for every game regardless of blockchain. It's a more intuitive way to manage assets than options available today, says Denoviter. With a smart contract wallet, you can confirm multiple transactions with one click.
"Web3 is more popular than ever, but managing crypto wallets is still difficult for experienced Web3 users," Denovitzer said. "Gamers want to play, but they need easier downloads and friendly wallet management options. This will give players proper ownership of their assets and help them fully participate in the blockchain gaming space, a market expected to reach $65 billion by 2027. Our wallet ease of use will direct players to have fun We believe that qubit wallets are the missing pieces to bring new players to Web3.
Designed as the default wallet for Web3 players, the Qubit wallet allows players to access their wallet and start playing with a single click. It will be available as a web browser extension (similar to MetaMask) in August, with desktop and mobile versions on the way.
Wallets use account abstraction to improve the overall player experience by allowing smart contracts to act like wallets, eliminating the need (and trouble) to declare seeds while keeping them jail-free.
"Digital assets are not new to gaming, but the ability to fully control and even monetize them is the next revolution in gaming," said Sasson. “It is very important to acquire these assets and keep them safe. That's what the Qubit wallet is for."
Denowitzer is from Argentina. He graduated in economics and then worked in strategic management consulting. He moved to London to join Revolut and get involved in cryptocurrencies in early 2020. To discover cryptocurrency, Sasson parted ways with co-founder and started Solvo in January 2022. They raised $3.5 million in funding, and Denovitzer says the company is up and running. straight track good cash position .
In truth, the cryptocurrency market has struggled from one crash to another. Denovitzer said he understands there are still many scams and security breaches in the cryptocurrency industry. This puts a lot of responsibility on users to be in charge of their wallets. There is less activity now due to cryptocurrency price volatility, but that is definitely what the company is focused on.
Because it made sense, the company decided to switch to Qubit.
"We started with a storage solution as an entry point for people who want to get into cryptocurrency," Denovitzer said. "Because of technological developments, it is no longer the case. So we started focusing on non-surveillance solutions.
A custodial wallet service stores your private keys for you and is responsible for keeping your money safe. But a barrier-free wallet gives you complete control over your private keys. You are responsible for the security of your property.
Ledger cryptocurrency wallets are based on smart contracts and are programmable and flexible. They eliminate the need for passwords, which are long strings of characters you use to access wallets. Seed declarations are a concern because people often miss them.
“This allows players to use social credentials, such as Gmail or phone numbers, and break out of jails. So it's multi-GIS, which means when the key is created, you have three parts,” Denovitzer said.
This is similar to multi-factor authentication in the process of activating transactions. Two or three parameters must be concatenated to execute the transaction. If one of these is compromised, you have an encrypted backup to restore access to your wallet. So if you forget your original password, you can regain access to your funds.
The company has 10 employees, most of whom are based in London. The company works with layer 2 blockchains such as Polygon, Arbitrum and Optimism. Qubit will continue to add strings. Denovitzer said the company is also in talks with gaming companies.
The Qubit team comes from leading Web2 and Web3 companies including Revolut, Amazon, Bitpanda and The Sandbox. With their combined expertise in fintech, cryptography and web3 gaming, Qubit is one of the most qualified startups for web3 gaming.
The wallet uses core account abstraction to improve the overall player experience. Account abstraction allows smart contracts to act like wallets, eliminating the need (and hassle) of seed declarations while keeping them jail-free. Thanks to the multi-factor authentication process, if a user loses access to the wallet, a recovery mode can be activated, allowing players to regain access while depositing funds.
Qubit Wallet also has its own "gas station" where players can pay transaction fees in their preferred currency (not just ETH). This is especially useful for games with frequent microtransactions.
The wallet's social login feature allows players to create a wallet using a phone number or Gmail; No advanced knowledge of Web3 is required.
Qubit Wallet allows players to control their virtual assets. Players can buy, mine and sell virtual assets with cryptocurrencies (the Qubit wallet can store all major cryptocurrencies and EVM compatible tokens). All players can easily view and send game assets to their wallets, regardless of blockchain or game source.
The Qubit Wallet browser extension will be available for installation from the Qubit website and through Qubit Wallet-integrated games via the Qubit SDK. The first Qubit partnership will be announced soon.
Qubit is a member of the Blockchain Game Alliance (BGA) and is backed by CoinFund, Index Ventures and FJ Labs.
Qubit's next big thing is a software development kit that will make integration into games easier. Traditional wallets will be competitive and there are other competitors like Sequence and Metamask.
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