Blocto, the multichain Web3 ecosystem and cross-chain wallet, has closed its Series A funding round at an $80 million valuation. Investors include Mark Cuban, the owner of the NBA team Maverick, and returning investor 500 Global. The funds raised will support Blocto as it develops the infrastructure to onboard millions of users to crypto.
“In our experience, the best founders continue to build to achieve their vision regardless of market conditions. We believe the continuous growth of Blocto users in the current environment is indicative of portto’s commitment to be one of the most influential blockchain companies in the industry,” said Tony Wang, managing partner of silicon valley VC firm 500 Global.
Joining Cuban and 500 Global is the global character brand IPX (formerly Line Friends). Other previous Blocto investors and advisors include Kevin Chou of Gen. G Esport; Roham Garegozlou, CEO of Dapper Labs; blockchain gaming giant Animoca Brands; among other notable names.
Blocto's multichain wallet aims to make blockchain technology more accessible. Already natively supporting the Ethereum, Aptos, Solana, Flow, BNB Chain, Polygon and Tron networks, Blocto intends to expand into promising new blockchain ecosystems in the future.
“User experience is at the core of portto’s product development. People often shy away from dApps, as they are difficult to understand due to the intricate blockchain technology. “Intuitive design allows users to access dApp service without having to understand the blockchain technology,” said Hsuan Lee in a previous interview with Meet Global.
"Blocto's mission is to democratize access to the opportunities blockchain tech presents by creating simple-yet-powerful products that provide the same great UX across multiple blockchain ecosystems, said Lee. /Photograph : 蔡仁譯攝影
"Blocto's mission is to democratize access to the opportunities blockchain tech presents by creating simple-yet-powerful products that provide the same great UX across multiple blockchain ecosystems. We're thrilled to have attracted funding from investors that share our vision. With their support, we're better equipped than ever to onboard the next billion users to crypto," said Lee.
Providing a user-friendly entry point to the world of DeFi, NFTs, GameFi and Web3, Blocto removes typical friction points encountered by industry newcomers. The application has simplified the often-confusing cryptographic key system that is fundamental to transacting with cryptocurrency and designed a more intuitive, chain-agnostic gas fee system.
With Blocto's SDK, the Web3 ecosystem strengthens its cross-platform expansion, boosting user acquisition. A 95% conversion rate (20x the industry standard), a less-than-30-second email login process, and a freemium model that simplifies gas fees and transactions all make integrating with Blocto an easy win for developers and projects.
Despite the lull in the crypto markets, portto remains profitable and user metrics continue to surge. As of November 2022, Blocto has amassed 1.6 million users, and BloctoBay is the most popular non-custodial NFT marketplace on the Flow blockchain. After its recent expansion into the Aptos ecosystem — as part of its chain-agnostic efforts to drive mass adoption across multiple networks — Blocto has quickly established itself as the second largest Aptos wallet with more than 400,000 users.
"Blockchain is an attractive emerging market that, similar to the internet back in the '90s, is here to stay. Although we can see the full potential of blockchain technology, the main key to mass adoption is an easy user onboarding experience — something that Blocto provides. This is also why big consumer-facing companies such as Yahoo, MotoGP Ignition, and Gogoro all choose Blocto as their exclusive partner to explore the Web3 world," said Edwin Yen, co-founder and COO of Blocto.
〔Original :Meet Global〕