Narval Raises $4 Million Seed Round Led by BlockTower VC for Web3 Wallet Usage Platform

Narval Raises $4 Million Seed Round Led by BlockTower VC for Web3 Wallet Usage Platform

French startup Narval has announced a successful $4 million seed round led by BlockTower VC, with participation from prominent investors including a16z, Fabric Ventures, and Bpifrance. Narval aims to provide organizations with a secure means of interacting with digital assets through its usage platform for web3 wallets.

The company’s key feature is a granular policy engine integrated with various key storage and custody models. This engine allows organizations to exercise precise control over digital assets, determining who can perform specific actions at a detailed level. Narval’s solution essentially acts as a functional granular governance layer.

Narval’s CEO and co-founder, Greg Jessner, formerly a trading director at BNP Paribas, explained that the platform addresses existing challenges in the crypto sector. Currently, organizations face difficulties securely utilizing their digital assets due to issues like the use of personal wallets for organizational purposes and the proliferation of different wallet types.

The startup’s governance layer, presented as an API, seeks to provide treasury managers with a secure framework for navigating the decentralized finance (DeFi) and non-fungible token (NFT) landscapes. Narval plans to use the newly raised funds to expand its team, hiring engineers and a designer, while further developing the platform and enhancing marketing efforts.

Narval’s successful funding round demonstrates the growing interest in web3 wallet solutions and the demand for increased security and control over digital assets within organizations. With the support of notable investors, Narval aims to further advance its platform and establish itself as a key player in the evolving crypto industry.