By Daniel Lanyon on Thursday 28 April 2022
The boom in funding for DeFi and Web3 strategies is starting to filter through as crypto firms look to the metaverse.
Argent, a crypto wallet provider, has raised $40m in a Series B funding to scale its ambitions for a DeFi and Web3 super app.
Founded in 2017, Argent allows users to buy, hold, sell and store cryptocurrencies and tokens. Since announcing the launch of its new Layer 2 account last year, Argent has attracted more than 500,000 users.
The company is building a single app for all things DeFi and Web3 and the new cash will be used for product development, hiring and expansion including a move into the LatAm market. It says it is also actively exploring the addition of virtual real estate, gaming, DAOs and NFTs.
The round was led by Fabric Ventures and Metaplanet, with existing investors Paradigm, Index Ventures and Creandum, as well as strategic investors including Starkware, Jump and Animoca.
“For crypto to live up to its potential, it needs to break the stranglehold of big exchanges and incumbent wallets. The experience is too scary, expensive and insecure for most people. Argent fixes this”, said Itamar Lesuisse, Co-Founder & CEO of Argent.
“This latest investment will enable us to double-down on product development, bringing more DeFi and Web3 use cases to the app, and enable us to expand into South America, where due to high levels of inflation and a deep mistrust of institutions, our product market fit is especially strong”, Lesuisse added.