WalletConnect Raises $12.5 Million In An Ecosystem Round
WalletConnect has secured $12.5 million in what it refers to as an ecosystem round from businesses and initiatives like Shopify, ConsenSys, and Gnosis, in addition to prior lead investors 1kx and Union Square Ventures.
The financing is driven by a desire to change its business model from a SaaS model to instead work with investors on a decentralized communications network rather than a need for more runway in a bear market.
WalletConnect CEO Pedro Gomes said in the statement:
“We want to eventually decentralize fully into a token network. We were researching and developing how this infrastructure might work and put together a wish list of people we believe are the best potential partners for it, and that’s how this round came together.”
Gomes describes this round, which was funded by equity with an agreement for future token rights, as a warm-up for decentralization initiatives without the main investor. He envisions gradual full decentralization efforts, starting with partners joining the network and progressing to full decentralization with a token-based follow-up.
Users can quickly connect integrated crypto wallets with decentralized applications using the startup’s core product by scanning QR codes. It outlines more ambitious objectives in this round.
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