- Braavos, a cryptocurrency wallet, said today that it had secured USD 10 million in early investment to create an all-encompassing crypto solution on the StarkNet scalable blockchain.
Braavos, a cryptocurrency wallet, said today that it had secured USD 10 million in seed funding to create an all-encompassing crypto solution on StarkNet, the Ethereum scaling blockchain.
Brevan Howard Digital, Road Capital, Crypto.com, Maxiport, and Starkware all participated in the seed round organized by the investment firm specializing in cryptocurrencies, Pantera Capital.
With an easy-to-understand user interface, Braavos, founded at the start of 2022. It enables users to safely store their cryptocurrencies on their own devices, also known as “self-custody.” The wallet solution is based on StarkNet, Starkware’s Layer 2 scaling solution for Ethernet. It is intended to overcome network scalability difficulties by utilizing “zero knowledge” rollups to increase transaction speed and decrease transaction costs.
The app is user-friendly and compatible with several platforms, including iOS, Android, and web browsers. It also has various plugins that are available for Chrome, Firefox, Brave, and Microsoft Edge. Consequently, users may get the app from any location and begin holding their cryptocurrency.
Braavos Chief Executive Motty Lavie said, “Crypto today is still too technical and complex for many users — requiring them to deal with seed phrases and security keys, suffer from low error tolerance, and educate themselves on nontrivial [decentralized finance] protocols. Our mission is to eliminate these high-friction hurdles and provide users with a smooth experience while preserving the core crypto values of decentralization and self-custody.”
The Braavos wallet offers the standard choices for traditional asset self-storage in addition to several token selections and the ability to buy and sell tokens on an integrated exchange. Users may purchase tokens with a credit card or Apple Pay, transfer them from their preferred exchange, or swap tokens using an integrated exchange protocol.
Motty Lavie also said that the program leverages current mobile device Trusted Execution Environment functionalities and biometric identification technologies to keep wallets as secure as possible. The phone’s secure enclave design stores private keys and seed phrases even if the device is lost or stolen.
The company plans to implement a “forgot my password” function and multi-factor authentication to make the wallet seem more like a standard app as part of the roadmap for future additions.
The extra funds will increase product research and development, hire new team members, and advance marketing efforts.