Quick take:
- The fundraising also attracted participation from Global Digital Asset Holdings, Shopify Ventures, Kraken Ventures, Crypto.com Capital, and others
- It brings the total raised to $38 million according to the announcement on Wednesday.
- The Reown Appkit is already being used by popular decentralised finance applications Jupiter, Drift, and Marinade.
Renown (formerly WalletConnect) has announced a $13 million Series B round led by Union Square Ventures and 1kx. The fundraising also attracted participation from Global Digital Asset Holdings, Shopify Ventures, Kraken Ventures, Crypto.com Capital, and others.
It brings the total raised to date to $38 million according to the announcement on Wednesday. The company plans to use the fresh capital to build its SDK – Reown AppKit and Reown WalletKit as it advances the on-chain user experience on its platform.
The fundraising follows the company’s recent introduction of smart sessions, a feature that addresses the complexities of subscription payments in the cryptocurrency landscape without relying on escrow accounts.
Commenting on the announcement, Jess Houlgrave, the CEO of Reown said in a statement: “The WalletConnect Network has long been the essential bridge connecting wallets, apps, and users. We’re entering the next phase of growth, where the network will also serve as a bridge to the traditional financial system. As we approach a critical moment for crypto, the need for transformative improvements in on-chain user experiences remains pressing.”
The Reown Appkit is already being utilised by popular decentralised finance applications Jupiter, Drift, and Marinade. The SDK allows DeFi platforms to onboard new users by leveraging a range of features including embedded wallets, smart accounts, and fee sponsorships.
The platform recently went multi-chain, enabling support for both Solana and Bitcoin-based dApps. The company has also integrated the Reown AppKit with Telegram MiniApps, gaining access to Telegram’s user base of more than 900 million.
Albert Wenger, a partner at Union Square Ventures commented: “The Reown team has shown remarkable expertise in addressing onchain UX challenges. Their commitment to serving both builders and consumers sets them apart, and we look forward to collaborating to refine on-chain UX further.”
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