Torus pockets $2M seed funding from Multicoin, Binance, Coinbase to entice people into dApps

Private key management firm Torus has secured $2 million investment in a second round, spearheaded by Multicoin Capital with participation from Binance Labs, Coinbase Ventures, Sixth Horizon, Accomplice, and Terminal.

The proceeds will be used to grow Torus’ team, enhance its development, and improve the on-ramp for users onto decentralized systems.

In its press release, Torus underscored how the status quo for dApps logins are too slow and difficult, which only a few tech-savvy can access. Notably, Torus CEO Zhen Yu Yong told CoinDesk that many people find it difficult to start and interact with blockchain, regardless if they are interested in the concept of decentralization.

“We just wanted to abstract that all away for new users so they could be left with a simple, secure, as well as, seamless solution,” Zhen said told the news outlet.

Torus offers management solutions for users using 'sharding' in which sensitive data held by startups are distributed across several computer servers, making it difficult for hackers to breach users’ private keys.

In addition to building frictionless logins for dApps using one-click verification OAuth, Torus has introduced on-ramp integrations indistinguishable from the login flow for web2 apps such as Facebook.

“Radically improving the onboarding experience is the single biggest lever you can pull to exponentially increase your user base. If you build apps that are familiar to use, more people will use them,” the press release noted.

Torus has unveiled its test net earlier this year and released its public beta for ethereum-based dApps at ETH New York. With plans for aggressive expansion, Torus plans to support more smart contract platforms soon, including EOS and Tron.

Meanwhile, Celer also wants to make the prospect of using cryptocurrency or blockchain less intimidating with its new partnership with Wyre. The two parties will offer seamless and simple transactions with bitcoin that people will not even know they are using blockchain.