Reown Secures $13 Million to Enhance Onchain User Experience
In a significant move for the cryptocurrency space, Reown, previously known as WalletConnect, has successfully raised $13 million in its Series B funding round. This funding comes as a crucial step towards enhancing onchain user experience (UX), an area where Reown has made remarkable contributions through its innovative solutions.
Leading Investors Backing Reown
This fundraising effort was led by the renowned Union Square Ventures (USV) and 1kx, with participation from a diverse group of investors, including Global Digital Asset Holdings, Shopify Ventures, Kraken Ventures, Crypto.com Capital, and many others. This broad support highlights the confidence that the investment community has in Reown's vision and mission, which aims to bridge the gap between traditional financial platforms and blockchain technology.
Previous Funding Success
With this latest funding infusion, Reown has raised a total of $38 million to date, securing capital from some of the most influential names in both Web 2 and Web 3. The company plans to leverage this new capital to further develop its onchain UX platform, particularly through its software development kits (SDKs) — Reown AppKit and Reown WalletKit.
Transforming Onchain UX for Financial Services
As more traditional financial service providers begin to offer crypto payment solutions, there has been a marked increase in demand for improved onchain user experiences. Payments providers are particularly interested in reducing friction and making the process more intuitive for users. Reown’s deep expertise in this area positions its products as essential tools for facilitating smoother interactions as traditional finance and decentralized finance converge.
New Innovations and Applications
Recently, Reown introduced smart sessions, which address the complexities of subscription payments in the cryptocurrency landscape without relying on escrow accounts. This innovation has attracted attention from major financial infrastructures, including Stripe and Raise, who have successfully implemented Reown's technology to enhance their crypto offerings.
Statements from Reown's Leadership
Jess Houlgrave, the CEO of Reown, expressed excitement about the future, stating, 'The WalletConnect Network has long been the essential bridge connecting wallets, apps, and users. We’re entering the next phase of growth, where the network will also serve as a bridge to the traditional financial system. As we approach a critical moment for crypto, the need for transformative improvements in onchain user experiences remains pressing. I’m thankful for the support we have from both Web 2 and Web 3 investors as we strive to make blockchain technology seamless for everyone.'
The Role of Reown’s AppKit
Reown's AppKit is already being utilized by prominent decentralized finance (DeFi) applications such as Jupiter, Drift, and Marinade. This toolkit facilitates onboarding millions of new users swiftly through innovative features like embedded wallets, smart accounts, and fee sponsorships. Recently, AppKit expanded its capabilities to support multiple blockchains, starting with Solana and Bitcoin, reflecting the growing demand for enhanced onchain user experiences. Furthermore, Telegram’s vast user base of 950 million can now access intuitive experiences through the integration of Reown’s AppKit with Telegram MiniApps.
Industry Partnerships and Feedback
Albert Wenger, a partner at Union Square Ventures, lauded Reown's exceptional work, saying, 'The Reown team has shown remarkable expertise in addressing onchain UX challenges. Their commitment to serving both builders and consumers sets them apart, and we look forward to collaborating to refine onchain UX further.'
Reown WalletKit: Setting Standards in Wallet UX
On the other hand, Reown's WalletKit serves as an industry-standard toolkit tailored for crafting innovative wallet UX. With over 600 wallets, including Trust Wallet and Binance Web3Wallet using WalletKit, the toolkit provides essential tools and APIs that streamline wallet connections to decentralized applications. A significant focus of WalletKit is its recently unveiled ‘Chain Abstraction Roadmap,’ which aims to simplify user interactions by eliminating chain swapping and bridging blockers.
Creating a Decentralized Future
As a principal developer of the WalletConnect Network, Reown has facilitated over 220 million connections while serving more than 20 million monthly connections for 5 million users worldwide. The network is currently undergoing a transformation towards decentralization, introducing third-party node operators and launching the WalletConnect Token (WCT), aimed at empowering the growing WalletConnect community.
About Reown
Reown stands as a key player in the onchain UX arena and is the creator of the WalletConnect Network. Their products, AppKit and WalletKit, are crafted for innovators engaged in building onchain solutions, marrying innovation with reliability and user-friendly designs to meet the demands of the evolving web.
About the WalletConnect Network
Initially launched in 2018, the WalletConnect Network is an open-source protocol designed for secure and seamless connections between wallets and applications, facilitating value transfer across the onchain ecosystem. With its staggering growth, it boasts 220 million connections and is continually evolving towards a fully decentralized and permissionless framework, aiming to enhance its ecosystem, community, and service delivery.
Frequently Asked Questions
What is the recent funding raised by Reown for?
Reown raised $13 million to improve its onchain UX platform, aiming to enhance user experiences in the cryptocurrency space.
Who are the prominent investors backing Reown?
The funding round saw participation from notable investors including Union Square Ventures, 1kx, Shopify Ventures, and Kraken Ventures.
What innovation did Reown introduce recently?
Reown recently launched smart sessions, which facilitate subscription payments in crypto without the use of escrow accounts.
How does Reown’s AppKit benefit users?
Reown’s AppKit allows decentralized applications to onboard users quickly and offers features like embedded wallets and fee sponsorships.
What is the WalletConnect Network?
WalletConnect Network is an open-source protocol facilitating secure connections between apps and wallets, supporting the flow of value across the onchain industry.
