Skip to main content

Ethereum Web3 Wallet Rainbow Raises $18 Million From Alexis Ohanian’s Seven Seven Six

The team behind the Ethereum wallet Rainbow announced the project has raised $18 million in a Series A funding round led by Alexis Ohanian’s venture capital firm Seven Seven Six. The new financing that follows the startup’s $1.5 million seed round will allow Rainbow to focus on “onboarding the next 100 million users to Web3.”

Ethereum-Based Rainbow Wallet Raises $18 Million

Rainbow, a non-custodial Ethereum (ETH) wallet that’s available for iOS and Android devices has announced the team has raised $18 million in a Series A investment round. The announcement notes that the financing was led by Alexis Ohanian’s venture capital firm Seven Seven Six. Ohanian’s Seven Seven Six has been giving a lot of attention to blockchain and Web3 startups during the last year.

In mid-December 2021, Seven Seven Six and Polygon announced a $200 million fund dedicated to advancing Web3 social media. The tech entrepreneur Alexis Ohanian is well known for co-founding the social media and news aggregation web portal Reddit with Steve Huffman and Aaron Swartz. The same month Seven Seven Six and Polygon started the Web3 social media fund, Ohanian invested in a non-fungible token (NFT) project called Heir Inc., a platform that aims to connect loyal fans with popular athletes.

The investment into the Ethereum-based wallet Rainbow follows the wallet project’s $1.5 million seed round, which brings Rainbow’s total fundraising to $19.5 million. According to Rainbow, the startup has hired 20 new employees and the team is focused on bolstering Web3 adoption. The Rainbow wallet allows users to hold and display NFTs and Ethereum-based tokens, while also allowing users to connect to decentralized applications (dapps).

“Many crypto users, myself included, regard Rainbow as the best-designed wallet,” Alexis Ohanian, the founder of the venture capital firm Seven Seven Six said in a statement sent to Bitcoin.com News. “The talent of their team, their approach to design, and the advocacy of their users position them as leaders in the crypto wallet space. User experience matters so much — Rainbow design choices are the reason they’ve already built a cult following and continue to educate and onboard scores of new users to Web3.”

A Slew of Web3 Wallet Competitors in 2022, Rainbow Wallet Team Plans to Launch Swap Aggregator, Desktop Browser Extension

Rainbow’s fundraise comes at a time when there is loads of competition in the Web3 wallet space, and Metamask currently leads the pack. In August 2021, Metamask broke records with 10 million monthly active users and in time Metamask will collaborate with the Ethereum-based wallet Mycrypto. In addition to Metamask, Rainbow faces competition from wallets like Trust Wallet, Argent, Coinbase Wallet, Coinomi, Guarda Wallet, and Crypto.com Wallet.

In 2022, Rainbow plans to introduce new features which include a “Swap Aggregator” application. Furthermore, Rainbow users will be able to leverage “Ethereum Profiles” by utilizing the Ethereum Name Service (ENS). Rainbow’s team also noted that it plans to launch a tool kit in the future and the team is in the midst of crafting a desktop browser extension.

”There’s still a lot of unnecessary complexity in the Web3 user experience,” Christian Baroni, Rainbow’s CEO and co-founder remarked during the announcement. “Rainbow’s been focused on chipping away at that, simplifying where it’s possible to and educating where it’s not,” the co-founder added.

What do you think about the Ethereum-based wallet Rainbow raising $18 million from Alexis Ohanian’s venture capital firm Seven Seven Six? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/NkREMzp
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more