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WalletConnect Raises $11 Million in Series A Funding

08 Mar 2022 : 18:08
2 min read
  • WalletConnect, a product that connects Ethereum wallets, has raised $11 million in a Series A funding round
  • The funding round was led by Union Square Ventures and 1kx at an undisclosed valuation
  • Pedro Gomes founded WalletConnect in 2018, and it now has integrations with more than 100 wallets and more than 200 apps

WalletConnect, a product that connects Ethereum wallets, has raised $11 million in a Series A funding round

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 round

The 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.


About Author

Stan Colenbrander

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Stan is the head of news and podcast host at Cryptonary. He was formerly a member of the Cryptonary Pro community. In early 2021, he decided to drop out of journalism school at university to pursue journalism in real life and make an impact in the crypto space. . His areas of interest include the NFT industry, decentralised finance, and crypto start-ups.

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