Ethereum pockets Rainbow has raised an $18 million Sequence A led by Seven Seven Six, the VC fund arrange by Reddit co-founder Alexis Ohanian. The spherical follows its $1.5 million seed-stage spherical.
Very similar to wallets akin to MetaMask, customers are capable of purchase crypto with fiat, hook up with decentralized functions (dApps) and spend money on tokens. The mobile-first Rainbow says that its give attention to designing for the person expertise is what marks it out from the pack.
”There’s nonetheless a number of pointless complexity within the web3 person expertise,” stated co-founder and CEO Christian Baroni in a press release. “Rainbow’s been targeted on chipping away at that, simplifying the place it’s attainable to and educating the place it’s not. There’s a number of work to do, however Rainbow is headed far past the place wallets at the moment are.”
It is this give attention to design that Seven Seven Six’s Ohanian says satisfied him to make the funding, calling it the “greatest designed” in comparison with different wallets out there. This funding follows the VC agency asserting a $500 million crypto fund firstly of this month.
Different buyers within the spherical included Thirty 5 Ventures, based by Kevin Durant and Wealthy Kleiman; Vine founder Dom Hofmann’s Bloom Funding Holdings; Nikita Bier; Hyperguap; Unusual Initiatives Capital; and Y Combinator.
With the brand new funds, Rainbow plans to additional construct out its options together with integration of a swap aggregator to make sure customers are getting essentially the most cost-effective swap and Ethereum profiles by the Ethereum Identify Service.
Editor’s Word: Up to date headline clarifies that Seven Seven Six led the spherical.