Investment Secured: $13 Million Series B, Headed by Union Square Ventures and 1kx for Reown
In a significant move for the decentralised finance (DeFi) space, Reown – formerly known as WalletConnect – has successfully secured a Series B round of funding worth $13 million. The investment, led by Union Square Ventures and 1kx, aims to propel Reown's on-chain user experience (UX) platform to new heights [1][2].
With this new funding, Reown plans to expand its developer tools and ecosystem partnerships, accelerating the creation and adoption of secure, intuitive Web3 experiences that simplify digital ownership for users worldwide [1][4][5]. The company's ultimate goal is to empower builders and creators to make decentralised internet technologies more accessible and user-friendly, driving widespread adoption of Web3.
The Reown platform has already made strides in this direction, having been integrated with Telegram MiniApps, granting access to a user base of over 900 million. Moreover, it has gone multi-chain, enabling support for Solana and Bitcoin-based dApps [1].
Jess Houlgrave, the CEO of Reown, commented on the announcement, stating that the WalletConnect Network will serve as a bridge to the traditional financial system. Houlgrave emphasised the pressing need for transformative improvements in on-chain user experiences as we approach a critical moment for crypto [1].
The fundraising round also received participation from Global Digital Asset Holdings, Shopify Ventures, Kraken Ventures, Crypto.com Capital, and others. Albert Wenger, a partner at Union Square Ventures, has commended the team's expertise in addressing on-chain UX challenges [1].
Wenger further highlighted the Reown team's commitment to serving both builders and consumers, which sets them apart in the industry [1]. Recently, Reown introduced smart sessions, a feature addressing the complexities of subscription payments in the cryptocurrency landscape without relying on escrow accounts [1].
The Reown AppKit, a key component of this strategy, allows DeFi platforms to onboard new users using embedded wallets, smart accounts, and fee sponsorships [1]. This investment will enable Reown to build its SDK – the Reown AppKit and Reown WalletKit – to further support the growth of the DeFi ecosystem.
With the total amount raised by Reown now standing at $38 million, as stated in the announcement on Wednesday, the future of seamless, secure, and intuitive digital ownership experiences is looking bright [1]. As Reown continues to innovate and collaborate, we can expect to see a more accessible and user-friendly Web3 landscape in the days ahead.
[1] Source: Reown's official announcement (link to the source if available) [2] Source: Union Square Ventures' announcement (link to the source if available) [3] Source: 1kx's announcement (link to the source if available) [4] Source: TechCrunch article (link to the source if available) [5] Source: CoinDesk article (link to the source if available)
- The new funding will enable Reown to advance its technology, focusing on developing intuitive Web3 experiences for users worldwide, aiming to bridge the gap between decentralized finance (DeFi) and traditional finance.
- With the recent Series B round of funding, Reown plans to enhance its on-chain user experience (UX) platform by improving developer tools and expanding ecosystem partnerships, paving the way for a more accessible and user-friendly decentralized internet technology.
