Argent Crypto Wallet Raises $40 Mln, Seeks To Build “Super” Crypto App

Varinder Singh
April 28, 2022 Updated August 14, 2024
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Crypto Wallet Aims Building Super Crypto App For DeFi, Web3 Through Traditional Funding

UK-based crypto startup Argent Labs seeks fundraising from traditional investors as it aims to build a super crypto app for expanding DeFi and Web3 use cases. The secure crypto wallet company has raised $40 million in a Series B funding round led by Fabric Ventures and Skype co-founder Jaan Tallinn’s investment firm Metaplanet.

Existing investors including Paradigm, Index Ventures, and Creandum also participated in the funding round, alongside new strategic crypto investors Starkware, Jump Crypto, and Animoca Brands.

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Crypto Wallet Argent Seeks Traditional Investors in Future Fundraising

The transition to zkSync’s Layer 2 network in March saw the Argent crypto wallet attract more than 500,000 users. Argent allows users to buy, earn, stake and trade on Ethereum Layer 2 with low fees and bulletproof security with its non-custodial crypto wallet.

Argent CEO Itamar Lesuisse has stated that the company will look to attract traditional investors in future fundraising rounds. In the next 2-3 years, Argent will transform into a diversified company that just uses blockchain as a technology. Moreover, he claimed that this will likely be the last time crypto-specialized venture capital firms have participated in the funding.

Commenting on building a super crypto app for DeFi and Web3 ecosystem, while actively exploring new features and verticals, including virtual real estate, gaming, DAOs, and NFTs, he said:

“We have solved the difficulty of safety in non-custodial crypto wallets, measuring up usability versus safety to create a simple to make use of product, now we’re targeted on scalability,”

Anil Hansjee, the general partner at Fabric Ventures, thinks crypto wallets are integral for Web3. Argent self-custody, smart contract crypto wallet blends security, usability, and low fees.

Argent already combines various features, including a 5% reward for staking ETH, up to 15% earning on USDC and DAI, buying with cards or bank transfers, and trading tokens in a tap.

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Argent Plans Expansion into South America

Argent plans to use the fund raised in the current round to expand globally and product development in Web3 and DeFi space. The company wants to expand into South America due to growing inflation and growing distrust of local institutions. Mexico will be the first location where the company will expand its services and teams.

Thereafter, the company seeks to expand into Asia amid growing crypto adoption and demand for its products.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.