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.
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.
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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