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The Easy Company secures $14.2M funding for new crypto wallet with social features

Easy Company, a startup focused on building a consumer base for the decentralized web, has raised $14.2 million in a “social” seed round. crypto walletseeks to help bring more mainstream audiences into the Web3 ecosystem.

As report The seed funding round was backed by a diverse group of investors, including venture capital firms Lobby Capital, Relay Ventures, 6th Man Ventures, Tapestry, Upside and Scribble, according to TechCrunch. Additionally, the round included angel investors with traditional social media and his Web3 backgrounds, including former executives from Instagram, Novi, Airbnb, Twitter, Uber, OpenTable and Eventbrite.

The wallet is said to be generally available on iOS and Android after completing a 30-day private testing phase. According to Easy CEO Mike Dougherty, the company wants to combine user-curated profiles with engaging social features to let people search, navigate and discover his Web3 world on their own. I am aiming.

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Dougherty said many of today’s Web3 products and services are too technical for the general public to use. The company aims to make it easier for users to engage with his Web3 and use digital wallets. The platform reportedly has a similar layout to social media apps like Instagram, allowing users to swipe to see their NFTs and those of people “watching” like Instagram Stories. can display both NFTs.

Related: Top Stories for Crypto Fundraising in 2022

Despite the long cryptocurrency winter, the Web3 project continues to receive significant funding from venture capitalists. In 2022, billions of dollars have been poured into various projects within the ecosystem, including blockchain-based startups.

Venture capital inflows surpassed $14 billion in the first two quarters of 2022, dropping to just under $5 billion in the third quarter, negatively impacted by the sudden bankruptcies of several high-profile players Considering that, it was still a lot of money. Industries such as Celsius, Three Arrows Capital, BlockFi and FTX. We have yet to see any venture capitalist funding for 2023.

On January 4th, Cointelegraph announced that the Singapore-based cryptocurrency exchange MEXC plans to invest $20 million Support the growth and development of Sei Network, a transaction-focused Layer 1 blockchain platform.