Bitcoin wallet developer Xverse has raised $5 million in a seed funding round led by venture capital firm Jump Crypto.
Among the participants in the round: RockawayX, Sfermion, Alliance, NGC Ventures and a number of other investors.
Xverse initially supported the first cryptocurrency and allowed the creation and operation of Ordinals digital artifacts based on the Bitcoin blockchain. The wallet is available for mobile devices on iOS, Android and as an extension for the Chrome browser.
The team will use the raised funds to accelerate the development of advanced functions in the field of decentralized finance, the integration of the Lightning Network and other network scaling solutions.
Speaking to The Block, Hong Kong-based startup founder and CEO Ken Liao said he plans to expand the team.
The project received a total of $6 million in investments, including a $1 million pre-financing round, he said. Liao added that the fundraising continued for several months in difficult market conditions.
Recall that in the second quarter, investments in Web3 startups fell by 76% compared to the same period last year, to $1.8 billion.
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