Sui-Based Ethos Wallet Raises $4.2M in Seed Round

Ethos Wallet, which integrates into decentralized applications (dapps) on the Sui blockchain, has raised $4.2 million in a seed funding round led by Boldstart ventures and gumi Cryptos Capital. The funds will be used for hiring, continued development of the wallet and developer infrastructure and to expand the product beyond traditional wallet capabilities, according to a press release Thursday.

Other investors in the round included Mysten Labs, Tribe Capital, Matrixport, Charge Ventures, Builder Capital, Alliance DAO and Meltem Demirors, who is chief strategy officer at digital-asset investment firm CoinShares, among others.

Co-founded by CEO Nadia Eldeib and Chief Technology Officer Jared Cosulich, Ethos Wallet was the first application to go live last year on the developer network of Sui, a layer 1 blockchain built by Mysten Labs, which is staffed by veterans of Facebook parent Meta Platforms' (META) scrapped Diem stablecoin project.

The wallet can be used to store and trade crypto and to help discover and build dapps in the Sui ecosystem. The Ethos Wallet team has also launched the on-chain game Sui 8192 and chess and checkers games backed by non-fungible tokens (NFTs). The games can be played directly in the wallet.

"When we first set our sights on developing a wallet on the Sui blockchain, it became our mission to evolve what a crypto wallet is. Currently, they are viewed as a place to store crypto assets, however, they have the capability to do much more,” Eldeib said in the press release. “With Ethos, we're working on developing, discovering and interacting with blockchain-based applications and to make those interactions safer and easier to use.”

Read more: Sui Network, a New Blockchain From Ex-Meta Employees, Launches Its Testnet