Venture capitalist fund Paradigm are one of the prominent names to back a $12 million Series A fund raising by London-based cryptocurrency wallet providers Argent. Other investors in the wallet, which is geared towards simplifying the decentralised finance (De-Fi) aspect of crypto, include Compound founder Robert Leshner and Index Ventures.
I’m very excited to announce our $12m Series A.
Here’s how we’re helping people own and benefit from their digital assets and identity. https://t.co/i3UScTqBQr
— Itamar Lesuisse (@itamarl) March 9, 2020
With Coinbase co-founder Fred Ehrsam and ex-Sequoia Partner Matt Huang at the helm – plus Yale University endowments arm as an investor – Paradigm target investments towards early stage blockchain projects. The deal to support Argent is thought to be the company’s first foray into financing within Europe.
Argent was founded in December 2017 and has now attracted around $16 million in total funding to build their vision of a digital wallet that securely operates in “A world with no monopolies, no banks, no borders, no limits.”
By integrating with decentralised finance apps such as Compound and MakerDAO, Argent are aiming to provide access to the low-cost/high-reward benefits of De-Fi – loans and interest paying savings for example – in a user-friendly fashion that will enable cryptocurrency to grow in mainstream use.
Users will be able to purchase cryptocurrency directly through the wallet with their debit cards or Apple Pay accounts.
After trialling the wallet in a six month closed beta for 3,000 users and with an additional 1,000 people on the waiting list, Argent have indicated their public launch will go live next month.
It is expected more features will come online as the wallet develops that will include new recovery methods for lost devices as well encouraging users participation through governance voting.