Union Square Ventures and 1kx co-led the round at an undisclosed valuation.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/IAEOPHBJQBAMBMKOVZG5D2FIPI.jpg "WalletConnect Raises $11M to Let Crypto Wallets Talk to Each Other (2)")
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.
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:format(jpg)/s3.amazonaws.com/arc-authors/coindesk/6205601f-70f8-400c-8219-e81039da93cc.png "WalletConnect Raises $11M to Let Crypto Wallets Talk to Each Other (8)")
Brandy covered crypto-related venture capital deals for CoinDesk.
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