WalletConnect raises $11M in funding from investors

What

WalletConnect has raised $11 million in a Series A funding round co-led by Union Square Ventures and 1kx

Why

WalletConnect aims to use this capital to further advance its wallet interoperability and develop a generalised messaging layer that allows wallets to communicate with each other

What next

WalletConnect is in the process of developing a Web 3.0-backed multi-protocol messaging network, which will allow direct messaging between wallet users and enable push notifications from selected apps

The story

WalletConnect has become an important part of the Decentralized Finance (DeFi) system. WalletConnect’s infrastructure allows users to connect their crypto-wallets with decentralised applications (D’apps). This is used extensively in unhosted wallets and Ethereum wallets, including Metamask and Trust Wallet. Their Series A funding round co-led by Union Square Ventures and 1kx, was held at an undisclosed valuation and raised $11 million. 

WalletConnect aims to use this funding to further advance its wallet interoperability and develop a generalized messaging layer that allows wallets to communicate with each other. Co-founder Pedro Gomes explained, “Since wallets essentially introduce digital identities that are portable across applications, we are able to create a shared messaging layer that isn’t owned by any particular wallet or application.”

The 2018 start-up is in the process of developing a multi-protocol messaging network, which will allow direct messaging between wallet users and enable push notifications from selected apps. “You could imagine this today as if a Telegram user and a WhatsApp user could message each other”, Gomes said. In order to do this, WalletConnect plans to build a Web 3.0-backed messaging tool. “Web 3 isn’t complete without some form of medium to communicate between users,” Gomes continued. 

In just four years since its inception, WalletConnect’s service is used by millions of cryptocurrency users. And its infrastructure is utilised by over 100 wallets and more than 200 applications, including the social networking service, Twitter. Late last year, WalletConnect raised $1.25 million in a seed round led by 1kx. 

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