Blocto, the multichain Web3 ecosystem and cross-chain wallet announced on February 22 that it has successfully finished its Series A fundraising round at an $80 million valuation.
The ecosystem aims to make blockchain technology more accessible to a wider range of users, and adviser and investor Mark Cuban, along with venture capital company 500 Global, are now on board to help achieve this goal, according to a press release shared with Finbold.
With the funds that were generated, Blocto, developed by parent company portto, will be able to continue developing the infrastructure necessary to onboard millions of people to cryptocurrency.
IPX, a worldwide character brand, has joined the ranks of Cuban and 500 Global (formerly Line Friends). Some prominent individuals who have previously invested in or served as consultants for Blocto include Kevin Chou of Gen. G Esport, Roham Garegozlou, CEO of Dapper Labs, and blockchain gaming behemoth Animoca Brands, to mention just a few.
Hsuan Lee, portto’s co-founder, and CEO, commented on the Series A raise:
“Blocto’s mission is to democratize access to the opportunities blockchain tech presents by creating simple-yet-powerful products that provide the same great UX across multiple blockchain ecosystems. We’re thrilled to have attracted funding from investors that share our vision. With their support, we’re better equipped than ever to onboard the next billion users to crypto.”
Growth remains strong despite crypto market uncertainty
While the cryptocurrency markets have slowed, portto’s profitability and user growth figures have remained strong. A leading non-custodial non-fungible token (NFT) marketplace on the Flow blockchain, BloctoBay, has gathered 1.6 million users as of November 2022.
As part of its chain-agnostic efforts to foster widespread adoption across many networks, Blocto has recently expanded into the Aptos ecosystem, and as a result, it has swiftly become the second biggest Aptos wallet, with more than 400,000 users.
The multichain wallet developed by Blocto is an effort to democratize blockchain technology. Blocto already has native support for the Ethereum, Aptos, Solana, Flow, BNB Chain, Polygon, and Tron networks, and it plans to add support for more potential blockchain ecosystems in the future.
By removing common obstacles that newcomers to decentralized finance (DeFi), NFTs, GameFi, and Web3 industries face, Blocto facilitates their entrance into the space. The program has created a more user-friendly, chain-agnostic gas fee structure and streamlined the fundamentally complex cryptographic key mechanism required for cryptocurrency transactions.
Finally, Blocto’s software development kit (SDK) helps the Web3 ecosystem grow and attract more users by supporting a wider variety of platforms. Blocto’s freemium model streamlines gas costs and transactions, and its 95% conversion rate (20x the industry norm) makes it highly useful for developers and projects to use.