Multi-sig Startup Den Raises $2.8 Million In Seed Round Led By IDEO CoLab Ventures
- Den, a multi-signature wallet provider for teams announced that it had closed an oversubscribed $2.8 million seed round led by IDEO CoLab Ventures.
- The round of investors included Gnosis, Lemniscap, 3SE Holdings, and Spice Capital, among others.
- Den is developing tools to make it simpler for cryptocurrency projects to shift all of their activities onto the blockchain.
To create a wallet that would make it simple and quick for scattered teams and decentralized autonomous organizations (DAOs) to perform transactions, multi-sig company Den received $2.8 million.
Leading the investment, which closed at the beginning of the year, is IDEO CoLab Ventures. Lemniscap, Spice Capital, and Gnosis, an Ethereum-based project that provides infrastructure and tooling to on-chain users, as well as angel investors like former Coinbase Chief Technology Officer Balaji Srinivasan and Not Boring Capital‘s Packy McCormick, were notable additional participants in the round.
The two key players in ConstitutionDAO, Jonah Erlich and Ittai Svidler had a few days that helped shape the idea. Before to the auction to purchase the United States Constitution, they had attempted to convince some DAO members to approve a crucial transaction.
The DAO raised more than $40 million to purchase the Constitution, but Kenneth Griffin, the founder, and CEO of Citadel, finally prevailed with a winning bid of $43.2 million.
Den claims that the company has assisted more than 200 on-chain teams with the acquisition of more than $130 million in assets and the exchange of more than $15 million in value.
“Den is the solution we wanted ourselves as operators inside of on-chain teams—a laser-focused experience that tackles the core problems that cause on-chain teams to move slower than their off-chain counterparts,” Ittai Svidler, co-founder of Den, said.
Executing and initiating transactions has been a huge concern for on-chain teams, especially in light of the recent flood of FTX assets into complex and challenging-to-use multi-signature wallets.
Den is developing tools to make it simpler for cryptocurrency projects to shift all of their activities onto the blockchain. This includes addressing coordination issues with multi-signature wallets, which sometimes call for approval from nine out of 13 or five out of seven authorized signers before a translation can be carried out on a blockchain. Also, the firm is developing tools that make it simpler for teams to start a transaction and comprehend what occurs throughout a token transfer.
Den intends to use the additional funds to address additional pressing problems that affect on-chain teams, including user experience problems with blockchain transaction fees, making it simple for on-chain teams to trade assets, produce financial and accounting statements, and tailor permissions for securing on-chain transactions.
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