BlocksInform
Portal, a Web3 wallet infrastructure startup, has raised $5.3 million in a funding round that included Slow Ventures and Haun Ventures, the venture capital firm founded by Andreessen Horowitz alum Kaite Haun, according to a press release provided to CoinDesk.
The funding round comes during a particularly harsh crypto winter landscape that has taken a toll on venture capital and other investments into the industry, which were down 91% year over year in January. Infrastructure projects became one of the fastest growing areas over the month.
The San Francisco portal provides a distributed application store (dapp) and portfolio infrastructure that enables projects to become a web-enabled application. The developer kit supports portal partners to easily connect to protocols and dapps directly or from a mobile or desktop browser. The portal's embedded portfolio uses multipartite computing (mpc), a type of cryptography that eliminates the need for complicated basic phrases – an obstacle for native users who are not Rypto – without compromising security.
$23,449.63
$1,635.98
BNB$303.42
XRP$0.37804033
$12.16"Web3 is fundamentally transforming every part of our lives - from how we make payments and access financial services to how we manage our data and assets in an increasingly connected world," said Slow Ventures partner Will Quist in the press release. "However, barriers for businesses and consumers to access this emerging ecosystem are high. The portal has put in place a transformative infrastructure to integrate the next wave of web users."
The rest of the funders in the round were Acrew Capital, Chapter 1 and a number of business angels, including William Hockey (cofounder of fintech firm Plaid), Henrique Dubagras (co-founder of the Brex business finance company), Here's to Diogo Monica, Foundation of the Anchorage Digital institutional crypto platform.
Portal was co-founded by CEO Raj Parekh, who previously headed the worldwide division of visa cryptography products. The other founders bring a range of experience in security engineering with the chief of technology david scrobonia having worked on web2 consumer data platform segment, brex alum parsa attari et rummy shahtit, which used to work for fintech blend.
Read more: What Are VCs Funding After FTX? More Decentralized Infrastructure
$23,449.63
$1,635.98
BNB$303.42
XRP$0.37804033
$12.16DISCLOSURE
Please note that our privacy policyterms of usecookiesdo not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk reporters are not permitted to buy titles on DCG.
