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- Rainbow, an Ethereum mobile wallet, has raised $18 million in Series A funding.
- Seven Seven Six, the VC firm started by Reddit co-founder Alexis Ohanian, led the round.
Ethereum mobile wallet startup Rainbow announced today that it’s raised an $18 million Series A funding round led by Seven Seven Six, the venture capital firm established by Reddit co-founder Alexis Ohanian.
The startup closed the round in October 2021 and has since hired more than 20 employees as it looks to scale its business to reach more users, according to a company statement. Rainbow did not disclose additional investors in the round, which followed a $1.5 million seed round.
Rainbow is designed as a streamlined and accessible mobile alternative to MetaMask, arguably the best-known Ethereum wallet, letting users trade crypto tokens, interact with ແອັບ decent ແບ່ງຂັ້ນຄຸ້ມຄອງ (dapps), buy and view NFT collectibles, and access layer-2 and sidechain scaling solutions like polygon, Optimism, ແລະ Arbitrum.
The firm’s wallet app is currently available for iOS devices, and Rainbow also recently launched a public beta version of its Android app.
“Many crypto users, myself included, regard Rainbow as the best designed wallet,” Ohanian said in a statement. “User experience matters so much—[Rainbow’s] design choices are the reason they’ve already built a cult following and continue to educate and onboard scores of new users to Web3.”
Ohanian is an outspoken advocate of NFT collectibles—he owns valuable ສະໂມສອນ Ape Yacht ແລະ CryptoPunks avatars—and the potential for play-to-earn games like axie infinity to revolutionize the future of work. He’s an investor in Axie developer Sky Mavis, as well as ເກມ Horizon Blockchain, maker of NFT-driven collectible card game Skyweaver.
Seven Seven Six recently announced a $200 million investment initiative alongside Polygon, the Ethereum sidechain scaling solution. The companies will co-invest funds into gaming and social media projects building on Polygon.
Ohanian’s VC firm announced a similar, Solanaສຸມໃສ່ $100 million investment initiative with Solana Ventures ເດືອນພະຈິກທີ່ຜ່ານມາ.
https://decrypt.co/92997/rainbow-ethereum-wallet-raises-18m-led-by-reddit-co-founder-ohanian
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Source: https://decrypt.co/92997/rainbow-ethereum-wallet-raises-18m-led-by-reddit-co-founder-ohanian