Thursday, June 1, 2023

WalletConnect Raises $11M


WalletConnect, a supplier of digital currency infrastructure services, has acquired $11 million in a Series A fundraising round from venture capital investors.

The fundraising round headed by Union Square Ventures and 1kx, and the startup’s valuation was not disclosed. Furthermore, Coinbase Ventures, Semantic Ventures, and Zerion were among others who participated.

Angel investors such as Alex Svanevik, Eric Conner, Arjun Bhuptani, Viktor Bunin, Mara Schmiedt, Anna Rose, and Ajit Tripathi participated in the WalletConnect investment round.

WalletConnect’s Role in DeFi

WalletConnect, a critical component of today’s Decentralized Finance (DeFi) ecosystem’s connectivity. Users can connect crypto-wallets to decentralized applications using QR codes thanks to the startup’s infrastructure. Metamask and Trust Wallet- two unhosted wallets that employ the WalletConnect connection gateway.

The business intends to use the funds to expand wallet interoperability. It also wants to create a push notification service, launch its own token, and create a messaging layer that is more generic.

On the other hand, Pedro Gomes is a co-founder of WalletConnect. He believes that Web 3 would be incomplete without some type of media for users to communicate with one another. Wallets essentially work like digital identities used across several applications. They build a shared messaging layer that is uncontrolled by any wallet or application.

However, WalletConnect isn’t the first protocol to propose a Web3.0-based messaging system. Still, the company credited with providing a service used by millions of cryptocurrency users today.

WalletConnect has grown to include more than 100 wallets in just over four years since its inception. It offers nearly 200 applications, including Twitter, the most popular social media platform.

Web3 and Metaverse Driven World

Wallet Connect’s fundraising round is a testament to venture capital firms’ broad-based approach. They are using to become a part of the Web3 and metaverse-driven world that is rapidly growing.

On the other hand, investors have put $10 million into Space Runners, a platform that aims to democratize the blockchain-backed fashion metaverse.

Space Runners intends to use the new funds to expand its two business lines, according to the company (Fashion items and Fashion Metaverse). They mentioned that the money raised will expand their interoperable fashion products for many metaverses and games.

In addition, the company stated that it plans to utilize the funds to gamify fashion for the first time. They want to create the first ‘Wear2Earn’ economy in the Metaverse, where people receive payment and incentivized for being fashionable.

NFTs (non-fungible tokens) from Space Runners have a variety of exciting features that benefit their customers. Collectors can trade their game assets for a nominal charge in a trustworthy online marketplace.

Ivan Cruz
Ivan Cruz
Ivan Cruz is a writer for Cryptoconstellation. He has his Masters in Applied Research in Economics & Business. Ivan has been trading crypto for the past 7 years himself and feels it is his duty to bring you all the latest news.

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