WalletConnect secures US$12.5 mln in ecosystem round to build web3 network

With WalletConnect, users can simply scan a QR code to connect with web2 and web3 apps using their wallet. In doing so, an end-to-end encrypted connection is established, allowing the user to securely interact and sign transactions. (Graphic: Business Wire)

KUALA LUMPUR, Nov 4 (Bernama) -- Web3 communications protocol company WalletConnect said it has raised US$12.5 million in an ecosystem round of funding, with participation from companies such as Shopify, Coinbase Ventures, ConsenSys, and Circle Ventures, among others.

WalletConnect said the ecosystem round laid the groundwork for its future development and forged strategic partnerships that would contribute to the creation of the WalletConnect Network, a decentralised communications network anchored in the WalletConnect protocol.

The ecosystem round followed WalletConnect’s Series A round, co-led by Union Square Ventures and 1kx earlier this year in March with the aim to scale up the company and to accelerate its product pipeline.

“As we continue to power connections between users, we are now entering the next chapter and focusing on decentralising our infrastructure, fulfilling one of the promises of web3.

“This ecosystem round engages partners from across web2 and web3 to participate in the creation of the future WalletConnect Network, which will be decentralised and open to anyone who seeks to participate,” WalletConnect co-founder and chief executive officer Pedro Gomes said in a statement.

Founded with the mission to connect web3 devices, WalletConnect establishes an end-to-end encrypted connection between a wallet and an app, enabling the wallet user to securely interact with the app and carry out actions such as transaction signing and token authentication.

To date, WalletConnect has been integrated by more than 210 consumer and institutional wallets, including MetaMask, Fireblocks, and Trust Wallet.

On the app side, it has been adopted by web2 and web3 companies such as Uniswap, OpenSea, Twitter, Stripe, and Plaid.

WalletConnect is used by users in 157 countries to connect with web3 wallets and apps.

“We recently released an enhanced version of its protocol, with new features such as multi-chain support. This enables partner wallets to provide access to multiple blockchains, realising the possibility for users to access the entirety of web3 from a single app,” it added.

-- BERNAMA