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Ethereum pockets Rainbow Raises $18M in Sequence A Funding

Written by James Smith

Ethereum pockets Rainbow has raised $18 million in Sequence A funding.

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This funding follows the VC agency saying a $500 million crypto fund firstly of this month.

Rainbow’s funding was led by Seven Seven Six, the VC fund arrange by Reddit co-founder Alexis Ohanian, and the mobile-first pockets claims that its emphasis on consumer expertise design has made it stand out of the group.

“There’s nonetheless a whole lot of pointless complexity within the web3 consumer expertise. Rainbow’s been centered on chipping away at that, simplifying the place it’s potential to and educating the place it’s not. There’s a whole lot of work to do, however Rainbow is headed far past the place wallets at the moment are,” mentioned co-founder and CEO Christian Baroni.

It has been reported that just like different wallets, Rainbow will permit customers to purchase crypto with fiat, hook up with decentralized purposes (dApps) and spend money on tokens.

Rainbow’s concentrate on design was the important thing issue that satisfied Seven Seven Six’s Ohanian to make the funding. Ohanian referred to as it the “greatest designed” in comparison with different wallets out there.

Among the many varied different buyers, a number of well-known names included Thirty-5 Ventures, based by Kevin Durant and Wealthy Kleiman; Vine founder Dom Hofmann’s Bloom Funding Holdings and Nikita Bier.

Following the funding, Rainbow has deliberate to improve its performance, together with integrating a swap aggregator and Ethereum profiles by means of the Ethereum Title Service.

In response to December 19, 2021, report by Blockchain.News citing Bloomberg, extra funds have been invested within the cryptocurrency trade in 2021 than within the final decade mixed.

Enterprise capital funds invested about $30 billion into the cryptocurrency trade, which is sort of 4 occasions the 2018 excessive, based on a report by PitchBook Information.

The report additionally added that the loopy skyrocketing worth of digital property in 2021 has led to the recognition of crypto-related tasks, corresponding to blockchain recreation improvement, NFT tasks, and a number of other different experimental tasks which can be searching for funds.

Picture supply: Shutterstock


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James Smith

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