Reown Secures $13 Million in Series B Funding for Web3 UX Expansion
Reown, a UX-focused company specializing in onchain user experience solutions, has successfully completed a $13 million Series B financing round. This funding was led by prominent investors Union Square Ventures (USV) and 1kx, with additional participation from SC Ventures, SBI Holdings, Shopify Ventures, Kraken Ventures, Crypto.com Capital, Figment, Kiln, Everstake, BitGo Ventures, and Fenbushi. The total financing for Reown now stands at $38 million.
Reown is known for developing the WalletConnect Network, which has facilitated over 220 million connections and serves 35 million users. The company focuses on enhancing the onchain user experience through its core products, AppKit and WalletKit. AppKit supports multi-chain applications such as Solana and Bitcoin, enabling rapid user flow through embedded wallets and smart accounts. It has recently provided a seamless onchain experience for Telegram users. WalletKit, on the other hand, has been adopted by over 600 wallets, including Trust Wallet and Binance Web3Wallet, and addresses issues such as chain switching and gas fees.
The new funding will be utilized to accelerate the development of AppKit and WalletKit, aiming to simplify the user interaction process on the blockchain. This includes enabling crypto subscription payments without the need for custodial accounts, a feature that has attracted clients such as financial infrastructure platform Stripe and gift card giant Raise.
Reown’s mission is to empower builders with toolkits designed for ownership, making the new internet usable and unlocking a future that is open, permissionless, and decentralized. The company’s rebranding from WalletConnect Inc. to Reown in 2024 marked a significant milestone in its journey to become the onchain UX platform for a world of users.
The company’s suite of toolkits is designed to give app and wallet builders seamless, secure, and world-class opportunities to create unparalleled web3 UX. With its recent funding, Reown is poised to further develop its onchain user experience platform, addressing critical issues and enhancing the overall user experience in the web3 ecosystem.
Reown’s growth and innovation over the past six years have positioned it as a leader in the onchain UX space. The company’s commitment to merging innovation with reliability and ease of use has enabled builders to provide web3-native features within their products, bringing vast opportunities and a better future for users. With the support of its investors and the continued development of its core products, Reown is set to make a significant impact on the web3 industry.
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