Reown (formerly WalletConnect) Secures $13 Million in Series B Funding to Enhance Onchain User Experience

Reown, the company behind the popular WalletConnect protocol, has successfully closed a $13 million Series B funding round, bringing its total funding to $38 million. This investment will be used to further develop Reown's onchain user experience (UX) platform, comprised of the Reown AppKit and Reown WalletKit SDKs.

Funding Round Led by Prominent Investors

The Series B round was co-led by USV and 1kx, with participation from a consortium of renowned venture capital firms and crypto organizations, including Global Digital Asset Holdings, Shopify Ventures, Kraken Ventures, Crypto.com Capital, Figment, Kiln, Everstake, BitGo Ventures, and Fenbushi.

Focus on Improving Onchain UX

The new funding will enable Reown to accelerate the development of its onchain UX platform. Reown's SDKs, AppKit and WalletKit, aim to streamline the interaction between mobile wallets and decentralized applications (dApps) built on blockchains.

WalletConnect Network: Powering Millions of Connections

It's important to note that Reown remains a key contributor to the WalletConnect network, a widely adopted open-source protocol that facilitates communication between wallets and dApps. Boasting over 220 million connections and 35 million users globally, the WalletConnect network currently processes more than 20 million connections every month for over 5 million active users. The WalletConnect Foundation recently announced the network's decentralization through the introduction of third-party node operators and the launch of its native token, WCT.

Bridging the Gap Between Traditional Finance, DeFi, and Fintech

At its core, Reown (formerly WalletConnect) provides an open-source solution that empowers mobile wallets to connect seamlessly with blockchain-based dApps. With the growing integration of cryptocurrencies into traditional financial services, there's a rising demand for enhanced onchain UX. Reown's onchain UX products are designed to bridge the gap between traditional finance, decentralized finance (DeFi), and fintech, offering a more frictionless user experience for various financial activities.

Reown CEO's Vision for the Future

Jess Houlgrave, CEO of Reown, commented on the funding round and the company's vision:

"The WalletConnect network has long been a critical bridge connecting wallets, apps, and users. We're now entering a new phase of growth, where the network will also serve as a bridge for the traditional financial system. As the cryptocurrency space approaches its 'iPhone moment,' there's a critical need for significant improvements in onchain user experiences. I'm thrilled that so many investors from both Web 2 and Web 3 recognize this potential and have chosen to support Reown's mission. Through our contributions to the WalletConnect network and the expansion of our product offerings, we aim to make blockchain technology as intuitive and user-friendly as possible for everyone."

Reown AppKit and WalletKit: Empowering Developers and Wallets

In addition to the funding announcement, Reown highlighted its two flagship products: AppKit and WalletKit.

• Reown AppKit: This developer-friendly SDK empowers developers to integrate features like embedded wallets, smart accounts, and user-friendly functionalities such as paid sponsorships, token swaps, and on-ramping capabilities into their applications. AppKit has recently evolved into a multichain solution, with support for Solana and Bitcoin in addition to Ethereum. Notably, Telegram has also integrated AppKit into its MiniApps platform, making it accessible to its massive user base of over 950 million.
• Reown WalletKit: Considered the industry standard toolkit for designing innovative wallet UX, Reown WalletKit is trusted by over 600 wallets, including prominent names like Trust Wallet, OKX Wallet, Binance Web3 Wallet, Bitget Wallet, Crypto.com DeFi Wallet, and Fireblocks. WalletKit offers a comprehensive suite of tools, libraries, and APIs that streamline the process of connecting wallets to dApps. One of WalletKit's key initiatives is the recently announced "Chain Abstraction Roadmap," a three-phase plan to significantly improve onchain UX by eliminating the need for chain swaps and bridge interactions.

By enhancing onchain UX through its innovative SDKs and active involvement in the WalletConnect network, Reown is poised to play a pivotal role in shaping the future of blockchain technology and fostering its mainstream adoption.

January 2025, Cryptoniteuae