WalletConnect raises $11 million
The funding round was led by Union Square Ventures and 1kx at an undisclosed valuation, with other participants including Coinbase Ventures, Semantic Ventures, Zerion and others. Angel investors such as Alex Svanevik, Eric Conner, Arjun Bhuptani, Viktor Bunin, Mara Schmiedt, Anna Rose and Ajit Tripathi also invested in the equity funding roundThe project will use the capital to improve wallet interoperability and develop a common messaging layer. The messaging protocol will allow all WalletConnect-enabled wallet users to communicate with each other, and the push notification protocol will allow users to stay up to date on all blockchain activity for DeFi, DAO, and NFT applications.
What is WalletConnect?
WalletConnect is an open protocol that provides a secure connection between various mobile wallets and desktop applications such as dApps. Users perform transactions over an encrypted connection using a QR code. According to the company, the QR code does not use personal passwords when scanning and is therefore considered much more secure than MetaMask and others.Pedro Gomes founded WalletConnect in 2018, and it now has integrations with more than 100 wallets and more than 200 apps, including Twitter and the most popular crypto apps, for example. The company previously raised a $1.25 million seed round led by 1kx. early last year and now hopes to double its current team size to about 24 employees by the end of the year.
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