Torus Raises $2M USD To Build Blockchain Apps Login Systembr>
Private key management firm Torus has raised $2 million in a funding round led by Multicoin Capital. The round also saw participation from Binance Labs, Accomplice, Coinbase Ventures, Sixth Horizon, and Terminal.
Torus is a distributed private key management solution that allows users to use their social identities (eg. Google) to derive private keys in a trustless manner, making it easy for new users to seamlessly use existing blockchain applications (dApps).
The latest funding will enable the company to grow its team, accelerate development, and polish the on-ramp for users onto decentralized systems.
In a blog post, Torus said that the status quo for dApps logins are too slow and difficult, and are only accessible to a tech-savvy few who are already fluent in code. The company claims that its distributed key management system will provide users of all skills and backgrounds with a user-friendly authentication method, which is the exact opposite of the status quo.
“Users do not need to manage private keys, nor do they need to set up complicated recovery seeds or install browser extensions,” the company said. “Instead, Torus was intentionally designed by leveraging existing user authentication methods to secure private keys, and to piggyback on existing UX experiences that are already familiar to users. The shortest route from A → B is one click, and today, the easiest way to do one-click verification is OAuth — and that’s exactly what we’ve built: frictionless logins for DApps using OAuth.”
Earlier this year, Torus launched its test net and released its public beta for ethereum-based dApps at ETH New York. The company said that it will be supporting more smart contract platforms “very soon,” starting with EOS and Tron next.