Rainbow Wallet Has Acquired $18 million in Series A Investment.
Rainbow, the Ethereum wallet, has secured a $18 million Series A round headed by Seven Seven Six, the VC group founded by Reddit co-founder Alexis Ohanian. The financing comes on the heels of a $1.5 million seed-stage round.
Users may buy crypto with fiat, login to decentralized apps (dApps), and invest in tokens, just like they can with wallets like MetaMask. Rainbow claims that its focus on creating for the user experience is what sets itself apart from the competition.
CEO Christian Baroni in a statement:
”There’s still a lot of unnecessary complexity in the web3 user experience. Rainbow’s been focused on chipping away at that, simplifying where it’s possible to and educating where it’s not. There’s a lot of work to do, but Rainbow is headed far beyond where wallets are now.”
This attention on design is what encouraged Seven Seven Six’s Ohanian to make the investment, calling it the “best designed” wallet available. This investment comes after the VC firm announced a $500 million crypto fund earlier this month.
Thirty Five Ventures, formed by Kevin Durant and Rich Kleiman; Vine creator Dom Hofmann’s Bloom Investment Holdings; Nikita Bier; Hyperguap; Uncommon Projects Capital; and Y Combinator were among the other investors in the round.
Rainbow aims to utilize the fresh money to expand its services, including the inclusion of a swap aggregator to guarantee customers obtain the most cost-effective swap and Ethereum profiles through the Ethereum Name Service.
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