With company’s new technology users will be able to send crypto assets and NFTs through a link that also acts as the wallet. This new feature makes the process easier for less experienced crypto users.
Crypto Startup TipLink Raises $6M in a Seed Funding Round Led by Sequoia, Multicoin
TipLink, a startup building technology that allows users to send crypto and non-fungible tokens (NFT) with a link, has raised $6 million in a seed funding round. Among companies that led this seed funding round are Sequoia Capital and Multicoin Capital. The announcement comes as infrastructure projects have been able to partially stave off the effects of crypto winter on fundraising.
Mission
TipLink’s aim is to enable users to send crypto through a link that also can act as the wallet, meaning the user can receive the assets without knowing anything about crypto. Afterwards, those assets can be withdrawn to an existing crypto wallet or, eventually, to their financial institution. Companies can utilize TipLink to host giveaways using crypto without asking for the public keys of user wallets and can give away tokens at events using a scannable QR code. TipLink also offers an application programming interface (API) that enables developers to create TipLinks for free and add any asset.
“There’s still a tremendous amount of friction in crypto that holds back mainstream adoption. It’s unreasonable to ask the general population to set up a 12- or 24-word seed phrase wallet, much less a hardware wallet, just to send a dollar or receive a commemorative NFT. TipLink solves one of the biggest problems in crypto: how to send digital assets in a frictionless way,” said TipLink founder and CEO Ian Krotinsky in the press release.
Other investors that also took part in the round included Asymmetric, Big Brain Ventures, Circle Ventures, Karatage, Monke Ventures, Paxos, and Solana Ventures.
Multicoin Capital principal Spencer Applebaum and partner John Robert Reed wrote in a blog post detailing the TipLink investment: “As people who live and breathe crypto every day, we take for granted that users know what public and private keys are, how hot wallets and seed phrases work, how to secure assets, how to transfer NFTs, etc. Wallets based on multi-party computation (MPC) such as Web3Auth and mobile apps with native social recovery have made strides in reducing barriers to entry. But in addition to Web3Auth and mobile wallets, we need tools designed for mainstream users that know absolutely nothing about crypto.”
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