Ethereum Web3 Wallet Rainbow Raises $18 Million From Alexis Ohanian’s Seven Seven Six

The squad down the Ethereum wallet Rainbow announced the task has raised $18 cardinal successful a Series A backing circular led by Alexis Ohanian’s task superior steadfast Seven Seven Six. The caller financing that follows the startup’s $1.5 cardinal effect circular volition let Rainbow to absorption connected “onboarding the adjacent 100 cardinal users to Web3.”

Ethereum-Based Rainbow Wallet Raises $18 Million

Rainbow, a non-custodial Ethereum (ETH) wallet that’s disposable for iOS and Android devices has announced the squad has raised $18 cardinal successful a Series A concern round. The announcement notes that the financing was led by Alexis Ohanian’s task superior steadfast Seven Seven Six. Ohanian’s Seven Seven Six has been giving a batch of attraction to blockchain and Web3 startups during the past year.

In mid-December 2021, Seven Seven Six and Polygon announced a $200 cardinal money dedicated to advancing Web3 societal media. The tech entrepreneur Alexis Ohanian is good known for co-founding the societal media and quality aggregation web portal Reddit with Steve Huffman and Aaron Swartz. The aforesaid period Seven Seven Six and Polygon started the Web3 societal media fund, Ohanian invested successful a non-fungible token (NFT) task called Heir Inc., a level that aims to link loyal fans with fashionable athletes.

The concern into the Ethereum-based wallet Rainbow follows the wallet project’s $1.5 cardinal effect round, which brings Rainbow’s full fundraising to $19.5 million. According to Rainbow, the startup has hired 20 caller employees and the squad is focused connected bolstering Web3 adoption. The Rainbow wallet allows users to clasp and show NFTs and Ethereum-based tokens, portion besides allowing users to link to decentralized applications (dapps).

“Many crypto users, myself included, respect Rainbow arsenic the best-designed wallet,” Alexis Ohanian, the laminitis of the task superior steadfast Seven Seven Six said successful a connection sent to Bitcoin.com News. “The endowment of their team, their attack to design, and the advocacy of their users presumption them arsenic leaders successful the crypto wallet space. User acquisition matters truthful overmuch — Rainbow plan choices are the crushed they’ve already built a cult pursuing and proceed to amended and onboard scores of caller users to Web3.”

A Slew of Web3 Wallet Competitors successful 2022, Rainbow Wallet Team Plans to Launch Swap Aggregator, Desktop Browser Extension

Rainbow’s fundraise comes astatine a clip erstwhile determination is loads of contention successful the Web3 wallet space, and Metamask presently leads the pack. In August 2021, Metamask broke records with 10 cardinal monthly progressive users and successful clip Metamask volition collaborate with the Ethereum-based wallet Mycrypto. In summation to Metamask, Rainbow faces contention from wallets similar Trust Wallet, Argent, Coinbase Wallet, Coinomi, Guarda Wallet, and Crypto.com Wallet.

In 2022, Rainbow plans to present caller features which see a “Swap Aggregator” application. Furthermore, Rainbow users volition beryllium capable to leverage “Ethereum Profiles” by utilizing the Ethereum Name Service (ENS). Rainbow’s squad besides noted that it plans to motorboat a instrumentality kit successful the aboriginal and the squad is successful the midst of crafting a desktop browser extension.

”There’s inactive a batch of unnecessary complexity successful the Web3 idiosyncratic experience,” Christian Baroni, Rainbow’s CEO and co-founder remarked during the announcement. “Rainbow’s been focused connected chipping distant astatine that, simplifying wherever it’s imaginable to and educating wherever it’s not,” the co-founder added.

What bash you deliberation astir the Ethereum-based wallet Rainbow raising $18 cardinal from Alexis Ohanian’s task superior steadfast Seven Seven Six? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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