Solana Wallet Slope Finance Raises $8M

The Series A was co-led by Solana Ventures and Jump Crypto.

Feb 23, 2022 at 10:51 p.m. UTC
Updated Feb 24, 2022 at 4:12 p.m. UTC

Brandy covers crypto-related venture capital deals for CoinDesk.

Slope Finance, the startup behind a digital wallet for the Solana blockchain, has closed an $8 million Series A funding round co-led by Solana Ventures and Jump Crypto.

Slope management told CoinDesk the funds will help expand the team in the U.S., where Slope launched its first office last month, and for user-acquisition efforts.

Other backers included Sequoia China, Genesis Trading, CMS Holdings, Spark Digital, Circle Ventures, Huobi and others.

Slope offers a cross-platform wallet with access to Solana Pay, decentralized finance (DeFi) engagement, visualized non-fungible token (NFT) management and token swaps, or the transfer of tokens from one blockchain to another. There is currently $7 billion of value on the Solana blockchain, according to DefiLlama, making it the sixth-largest chain by that metric.

Slope, which launched in September, said the wallet had been downloaded 1 million times as of last month with 850,000 monthly active users across the Apple App Store, Google Play and its Chrome extension.

“We are excited to support Slope’s mission to provide a seamless, cross-platform experience for users to engage with Solana’s DeFi, NFT and gaming ecosystems,” said Solana Ventures Partner Matthew Beck in the press release.

Slope said the team will soon announce additional details regarding ongoing projects, partnerships and product developments, including a new mobile product. The company declined to provide more details.

Slope Finance competes with Solana mobile wallets like Phantom and Solflare. Last month, Phantom raised $109 million at a $1.2 billion valuation. At the time, Phantom said it commanded “at least 90%” of the Solana wallet market, though CoinDesk could not independently verify this figure.

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Brandy covers crypto-related venture capital deals for CoinDesk.

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