Wednesday, October 5, 2022

WalletConnect Concludes Series A Funding Round Raising $11M

The wave of increase in the number of investors financing crypto projects globally, especially crypto startups is on the rise. WalletConnect, an Ethereum (ETH) wallet connector, has generated $11 million in a Series A round. The funding session was co-led by token venture capitalist, 1kx and New York-based venture firm, Union Square Ventures.

The current valuation of the wallet after the funding series is not known as it is yet to be disclosed. The fund will be utilized in scaling up the ability of the wallet to function independently as well as develop a dynamic layered messaging system.

WalletConnect serves as a connector between decentralized applications (DApps) and owners of digital currency wallets like unhosted Bitcoin (BTC) Wallets. Transactions will easily be carried out on the platforms once approval has been issued separately and sequentially by both entities.

WalletConnect works with a series of encrypted connections that ensures that a high level of security is attained by the wallet for its users. Customers’ authorization is required for transactions without which no trade can be conducted.

The wallet will also transcend into a decentralized Web3.0 instant communication arena, and with communication being at the core of Web3.0, this fund will allow users to send and receive messages via separate messaging platforms while still maintaining and upholding users’ security. 

Stated as an illustration of the capability of WalletConnect in today’s world according to the news release, a Telegram user will be able to send and receive messages from a Whatsapp user without a hitch.

Startups Launching Out With VC Funding 

To achieve results and effectively run the wallet platform which is gradually expanding, Pedro Gomes, the co-founder said the firm plans to increase its workforce to about 24 team players before the end of 2022. 

WalletConnect Fund co-leader, 1kx had initially led a seed round for the wallet where $1.25 million was raised. The venture capital firm is focused primarily on raising seed capital and participating in Series A fundraisers. 

Nested, like WalletConnect, had its own Series A funding round recently and generated $7.5 million with Alan Howard leading the round. Nested utilizes decentralized technology in its operations, and its funding serves as a testament to the deep interest in blockchain startups.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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