All funds will be used to continue the development and integration of a product that will allow various digital asset stores to merge with each other. This amount was raised during the Series A funding round.
It was led by Union Square Ventures and 1kx, and the organization’s business valuation was not disclosed. WalletConnect representatives said they were very happy to receive the support of such large venture capital funds and hope that the funds raised will help the ideas they have conceived come to fruition more quickly.
The capital raised is intended to be used to scale the level of interoperability of cryptocurrency wallets. Also, the creators of the product said that they are developing an entirely new messaging system.
WalletConnect co-founder Pedro Gomez said his company will change the way we think about Web 3.0 technology. According to him, wallets, will allow for the generation of digital identifiers that are portable between applications, which will enable a new level of messaging that will not depend on any particular blockchain or virtual currency repository.
He stressed that it would work similar to the way Telegram users could send messages to WhatsApp users and vice versa. According to him, his project is already integrated with more than 100 wallets and 200 applications, including Twitter.
Earlier, Crypto.ru editorial staff reported that the developers of MetaMask told that the service’s clients can now store cryptoassets and their private keys offline. The creators of the product said that any user’s old smartphone can be turned into an analog of a hardware wallet. The company’s co-founder Dan Finley confirmed that MetaMask signed a partnership agreement with technology startup AirGap to implement the idea.