News

Multi-sig Startup Den Raises $2.8 Million In Seed Round Led By IDEO CoLab Ventures

Key Points:

  • 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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

41 minutes ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

1 hour ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

2 hours ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

2 hours ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

3 hours ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

4 hours ago

This website uses cookies.