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- Reddit Co-Founder Alexis Ohanian’s investment firm Seven Seven Six led the $18 million Series A funding round.
- Rainbow allows users to connect with decentralized applications on the Ethereum blockchain.
Rainbow, a cryptocurrency startup developing a mobile wallet software that allows users to connect with decentralized applications on the Ethereum blockchain, Reddit Co-Founder Alexis Ohanian’s investment firm Seven Seven Six led the $18 million Series A funding round.
Thirty-Five Ventures, founded by Kevin Durant and Rich Kleiman; Bloom Investment Holdings, formed by Vine founder Dom Hofmann; Nikita Bier; Hyperguap; Uncommon Projects Capital; and Y Combinator were among the round’s other investors.
Why rainbow is best?
Users may buy crypto with fiat, connect to decentralized applications (dApps), and invest in tokens, just like they can with wallets like MetaMask. Rainbow claims that its focus on creating for the user experience is what sets it apart from the competition.
This emphasis on design is what encouraged Seven Seven Six’s Ohanian to make the investment, calling it the “best designed” wallet available. This investment follows the VC firm’s announcement earlier this month of a $500 million crypto fund.
Rainbow intends to use the fresh money to expand its functionality, including the inclusion of a swap aggregator to ensure users obtain the most cost-effective swap and Ethereum profiles via the Ethereum Name Service.
Rainbow’s goal is to eliminate as much technical language as possible from the process, making actions such as buying or selling a multi-thousand-dollar NFT as simple as getting an Uber.
All about the funding round
Rainbow’s emphasis on design persuaded Ohanian to make the investment, calling it the “best designed” wallet on the market.
Thirty-Five Ventures, formed by Kevin Durant and Rich Kleiman, as well as Vine inventor Dom Hofmann’s Bloom Investment Holdings, participated in the financing.
This investment comes on the heels of Seven Seven Six’s recent announcement of a $500 million crypto fund, with $300 million set aside for investing in crypto businesses in their “early stages” and the other $200 million set aside for other uses.
Kids will “have a very fundamental grasp of markets” as a result of Web3 tools like Rainbow, according to Alexis Ohanian.
“We want to be the app that everyone has on their home screen.” “We’ve always been very design-centric,” Rainbow co-founder Mike Demarais said in an interview.
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Important
Users can use the app to connect to decentralized apps and invest in tokens via decentralized exchanges such as Uniswap. Rainbow is meant to be a more simplified and user-friendly mobile alternative to MetaMask, the most well-known Ethereum wallet.
Rainbow’s wallet app is now accessible for iOS devices, and an Android public beta version was recently published.
Conclusion
Rainbow, the Ethereum wallet, has raised an $18 million Series A round-headed by Seven Seven Six, the VC group founded by Reddit co-founder Alexis Ohanian. The round comes on the heels of a $1.5 million seed-stage round.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
