Tweed is a crypto wallet API that can be added to any web service to give it a web3 feel

Meet Tweed, a startup that has been working on a white-label cryptocurrency wallet and payment solution. The company is coming out of stealth today. With Tweed, companies can make wallets for their users so they can buy, hold, send, and spend crypto assets without knowing how to do it.

Accel led the $4 million seed round that the company raised last summer. Participating are also Communitas Capital Partners, Zero Knowledge Venture, and angel investors like Nicolas Julia, CEO of Sorare, Mike Vaughan, Ameet Patel, and Cristóbal Conde.

Tweed is aimed at web 2.0 companies that want to add a web3 feature to their service. If you run a marketplace, for example, you could use crypto wallets to let users send and receive tokens. Or, if you run a game studio, you might want to sell non-game items.

Tweed is an application programming interface that you can add to a product you already have. Users can make a wallet without having to use a different product or add an extension to their browser.

“This brings us back to the biggest issue in space right now. The user experience is still the biggest issue for any company, brand, or platform that wants to get into the web3 space. “You can’t expect people to have a wallet or go download one and then come back to the platform,” co-founder and CEO Michelle Latzer told me.

Tweed wallets are actually self-custody wallets. When a user uses Google’s social login feature, their private key is tied to their Google account, so they don’t have to remember it. The so-called “recovery kit” can also be opened with a password.

After that, Tweed’s wallets will work with the blockchains for Ethereum, Polygon, and Tezos. In these wallets, users can store both NFTs and tokens.

Tweed also has payment integrations on top of this wallet infrastructure. Users can then use a payment card to add money to their wallets or buy NFTs. Tweed is also working on ways to take fiat out of the system and put it in a bank account.

If you use a product like Tweed that is part of the Web3 infrastructure, you don’t have to worry about KYC or other regulatory issues. Users are in charge of their crypto assets, and Tweed is in charge of the infrastructure for converting fiat money to crypto.

Coinbase also showed off its wallet API this week, which was an interesting move. Both products have a lot in common, so it will come down to how they are made. But it also shows that Tweed is on to something really interesting.