Web3 Infrastructure developer Reown has raised $13 million in its latest funding round. According to the official release, Reown, formerly known as WalletConnect, has finished a $13 million Series B fundraising round.
So far, Reown has raised $38 million from some of the biggest Web 2 and Web 3 investors. The new funding will be used by the business to advance its onchain user experience platform using its SDKs, Reown WalletKit and Reown AppKit.
Who Took Part in The Funding?
Reown’s funding saw some of the industy majors take part. Two of the most prominent names in the list were Kraken and Shopify.
Apart from them, Figment, Everstake, BitGo Ventures, Kiln, Fenbushi, Shopify Ventures, Crypto.com Capital, Global Digital Asset Holdings (a joint venture investment vehicle formed by SC Ventures and SBI Holdings), USV and 1kx also sponsored the round.
Jess Houlgrave, CEO of Reown, stated, “The WalletConnect Network has long been the essential bridge connecting wallets, apps, and users. Now, we’re entering the next phase of growth, where the Network will also serve as a bridge to the traditional financial system.”
Where Will The Money Be Used?
Reown’s main aim behind the fund raise is to develop better services in order to fulfil the need for transformative improvements in onchain user experiences.
Jess Houlgrave also added, “I’m proud that so many investors from both Web 2 and web3 recognize this potential and have chosen to support Reown’s mission.”
He added “Together, through our contributions to the WalletConnect Network and our expanding product offerings, we aim to make blockchain technology as seamless and intuitive as possible for everyone.”
Other Notable Fund Raise in The Industry
Reown’s fundraise comes at a time when the entire crypto industry is regaining its momentum in terms of capital raise.
Earlier, in the past years, as the crypto market saw volatility and a slump, the amount of capital raised by Web3, crypto and blockchain firms also took a hit.
However, with more mainstream companies performing well in the realm, the funding has also seen a rise.
In this tone, previously, ZKcandy completed a $4 million private funding round with main investors for the round consisting of Wemix, Animoca Ventures, Spartan Group, Perlone Capital, Presto Labs, Flowdesk, Prometheuz, Lecca Ventures, and Efficient Frontier completed the round.
Also cryptocurrency firm JAN3 raised $5 million in seed funding to boost the development of its AQUA Wallet. This substantial investment is a critical turning point in the company’s goal to make Bitcoin useful, accessible, and revolutionary for users everywhere.