Zerohash has launched AUTH, a service that lets users move crypto between linked accounts without copying wallet addresses or choosing a blockchain network.
The crypto infrastructure firm announced the product at the Money20/20 conference in Las Vegas. It said users can link exchange accounts or self-custody wallets and complete transfers inside an app by selecting an account or wallet, signing in and approving the move.
Product aims to cut transfer steps
Zerohash said the goal is to reduce the number of steps required to move funds. AUTH handles routing and settlement, while each app decides which assets, accounts and transfer types it will allow.
「Onchain rails scale when users stop thinking about the underlying technology. Usability, trust and control is the inflection point for mass adoption,」 Ryan Beaudry, general manager of AUTH, said in a statement. According to the statement, Beaudry previously served as executive vice president of global product and operations for open finance at Mastercard.
More than 600 supported connections
AUTH supports crypto, stablecoins and blockchain-based securities such as stock tokens. Zerohash said the service supports more than 600 connections, including Coinbase, Robinhood, Gemini, MetaMask and Phantom.
The company’s developer documentation lists support for 639 wallets and four exchange or brokerage accounts. Coinbase, Robinhood and Gemini are live, while Kraken is in beta.
Wallet transfers have involved repeated checks
Alex LaPrade, CEO of a popular non-custodial Ethereum and multi-chain crypto wallet, said transfers to wallets have previously required repeated address checks and test payments. He described that process as 「one of the biggest points of friction」 that AUTH is trying to simplify.
Launch comes during charter push
The rollout comes as Zerohash seeks to expand its regulatory standing. In July, the Office of the Comptroller of the Currency returned the firm’s application for a national trust bank charter, a step the agency takes when it considers a filing materially deficient.
Zerohash called the return an administrative process and refiled a narrower application on Aug. 18. The application is still pending.
Company background
Founded in 2017, Zerohash says on its website that it has a global regulatory footprint across the European Union, Latin America, Bermuda and the U.S., and operates regulated entities in 51 U.S. jurisdictions.
The Chicago-based company was in acquisition talks with Mastercard earlier this year, but the deal did not go through. At the time, Zerohash was reportedly in talks to raise $250 million at a $1.5 billion valuation.
Companies connect to Zerohash through APIs and developer tools. The firm handles custody, compliance, liquidity, settlement and blockchain connectivity, and already provides crypto infrastructure for companies including Morgan Stanley’s E*Trade.