Reown Raises $13M to Redefine Blockchain Access
WalletConnect creator Reown has closed a $13M funding round to make blockchain technology more accessible by improving its SDK-powered UX. Partners include Stripe, Raise, and over 600 wallets.
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Reown, the Web3 infrastructure company known for creating WalletConnect, has secured $13 million in Series B funding. Union Square Ventures and 1kx led the round.
The announcement revealed additional support from Global Digital Asset Holdings (a collaboration between SC Ventures and SBI Holdings), Shopify Ventures, Kraken Ventures, Crypto.com Capital, Figment, Kiln, Everstake, BitGo Ventures, and Fenbush.
This funding brings Reown’s total capital raised to $38 million, building on a $12.5 million ecosystem round in late 2022 and an $11 million Series A earlier that year.
Leading the charge in these funding rounds were Union Square Ventures and 1kx, accompanied by Coinbase Ventures and ConsenSys. Reown previously raised $1.25 million in a seed round led by 1kx in April 2021.
Reown’s Funding Journey. Source: cryptorank.io
The company plans to utilize the funds to refine UX in on-chain applications through its SDKs—Reown AppKit and WalletKit. By addressing barriers such as gas fees and seed phrases, Reown is committed to making blockchain technology more user-friendly. The growing integration of crypto payments into traditional finance highlights the relevance of these advancements.
Lasse Clausen, partner and co-founder of 1kx, underscores the importance of simplifying digital asset usage as these tools take on a growing role in the global economy.
Expanding Reown’s Ecosystem
Reown is best known for WalletConnect, described by CEO Jess Houlgrave as a foundational product for connecting wallets, applications, and users.
The company’s innovations are utilized by major fintech firms like Stripe and Raise, along with DeFi platforms such as Jupiter, Drift, and Marinade. WalletKit, another standout product, supports over 600 wallets, including Trust Wallet, OKX Wallet, Binance Web3 Wallet, Crypto.com Onchain, and Fireblocks.
Examples of solutions powered by Reown. Source: thedapplist.com
The CEO emphasizes that blockchain is now emerging as a bridge between the cryptocurrency ecosystem and traditional finance. He believes the industry is still in search of its “iPhone moment,” with on-chain UX improvements being a top priority.
In September 2024, Reown, formerly WalletConnect, Inc., adopted its new name to signify a shift toward decentralization. Alongside the rebrand, the WalletConnect Foundation launched the WalletConnect Connect Token (WCT) on the Optimism OP Mainnet to streamline governance and incentivize participation.
Currently, WalletConnect serves a global user base exceeding 35 million, enabling 20 million monthly connections and engaging 5 million active Web3 users.
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