Motty Lavie, CEO of Braavos, announced that the self-custodial cryptocurrency wallet has received $ 10 million under the leadership of Pantera Capital in a funding round to make this feature more accessible. The seed funding round was led by Pantera Capital, a major cryptocurrency-focused investor, as well as Crypto.com, many investors participated, including DCVC, Brevan Howard Digital, Maxiport, Road Capital, and Starkware.
The Development of Braavos
Private keys that provide access to the assets contained in them are a very important component of a crypto wallet. Custodial wallets, on the other hand, puts the control in the hands of a centralized enterprise that guarantees security and provides a user-friendly interface. Self-storage allows the user to have the keys, but in some cases, complex processes can intimidate people using crypto for the first time.
On the other hand, Braavos, founded earlier this year, aims to provide self-storage in a more user-friendly way. The Tel Aviv, Israel-based company decided to use the zero-knowledge roll-up technique to reduce transaction costs and speed up the process. Thus, they created an all-in-one cryptocurrency solution on the layer 2 blockchain StarkNet that addresses Ethereum’s scaling challenges.
With a built-in cryptocurrency exchange, access to decentralized applications, and a Transaction Explainer that can help new cryptocurrency traders understand and review transactions, Braavos combines the traditional asset storage and transfer options of a self-storage wallet with other features. However, Braavos is accessible as a web browser and mobile application for both iOS and Android devices.
Road Map of Braavos
Braavos’ long-term roadmap is to eliminate potential barriers for crypto users and provide a seamless user experience. In the short term, Braavos plans to activate the “forgot password” feature and introduce multi-factor authentication for the security of users.
Braavos, which started to be developed in early 2022, is the only mobile cryptocurrency wallet on StarNet. Braavos, which is growing rapidly, is currently available in many browsers. However, it has made it its mission to introduce users to the crypto universe and give them a Web2-style experience without any interference or obstacles.