WalletConnect Raises $11M to Let Crypto Wallets Talk to Each Other

Union Square Ventures and 1kx co-led the round at an undisclosed valuation.

AccessTimeIconMar 8, 2022 at 5:00 p.m. UTC

Brandy covers crypto-related venture capital deals for CoinDesk.

WalletConnect, a product for connecting Ethereum wallets, has raised $11 million in a Series A funding round co-led by Union Square Ventures and 1kx at an undisclosed valuation, according to an announcement shared with CoinDesk. The capital will help scale wallet interoperability and develop a generalized messaging layer.

  • “Web 3 isn’t complete without some form of medium to communicate between users,” WalletConnect co-founder Pedro Gomes told CoinDesk in an email. “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.”
  • “You could imagine this today as if a Telegram user and a WhatsApp user could message each other,” Gomes continued.
  • Founded in 2018, WalletConnect now has integrations with over 100 wallets and more than 200 applications, including Twitter.
  • WalletConnect is in the process of developing a multi-protocol messaging network. The first protocols will relate to direct messaging between wallet users and push notifications from apps for on- and off-chain events.
  • WalletConnect previously raised a $1.25 million seed round early last year led by 1kx.

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.

Trending

1
CoinDesk - Unknown
Lending Platform Vauld Looks to Restructure Amid Crypto Downturn, Suspends Transactions

Vauld has seen withdrawals of around $198 million since June 12.

CoinDesk - Unknown
2
CoinDesk - Unknown
Solana DeFi Protocol Crema Loses $8.8M in Exploit

Crema Finance developers said they are coordinating with “relevant organizations” to gather more information.

CoinDesk - Unknown
3
CoinDesk - Unknown
Software Firm Meitu Lost Up to $52.3M in H1 Due to Slide in Crypto Prices

The app developer had bought 940.89 BTC and 31,000 ETH in spring of 2021.

CoinDesk - Unknown
4
CoinDesk - Unknown
Argentines Take Refuge in Stablecoins After Economy Minister Resignation

Major crypto exchanges reported that consumers purchased up to three times as many stablecoins over the weekend as they usually do amid a brewing economic crisis.

CoinDesk - Unknown