Particle Network announced that it had raised $7 million to build a middleware platform. This platform aims to support web3 developers.
Particle Network Announces $7 Million Raised
ABCDE is leading the seed funding round, which is also supported by investors Animoca, Longhash Ventures, GSR Ventures, Hashkey, and OP Crypto. The company had previously received $1.8 million in pre-seed funding from LongHash Ventures and Insignia Ventures in April of last year.
About Wallet Middleware Solution
The company, which was established at the beginning of the last year, specializes in creating login and wallet middleware that enables developers to incorporate a user-friendly web3 authentication solution into their decentralized applications. According to Pengyu Wang, Founder of Particle Network, the tool lets users log in using their current cryptocurrency wallets, phone numbers, or social media accounts to immediately construct on-chain noncustodial wallets.
“This is how we help the developers or the projects to lower the barriers for the end users, especially for the non-crypto users. What makes us stand out is that we are not sacrificing the user’s autonomy [surrounding] the on-chain assets. Because we are using MPC technologies, we don’t have any room to do evil, so that way, we ensure that the end users still have full control over the assets.”
Pengyu Wang
Wang went on to say that more than 200 web3 projects have joined the service, including names such as Ultiverse and Perfect World. Moreover, the platform’s tools are highly functional as they can be used multi-chain on EVM chains and Solana and Tron. Finally, Wang said that in the next two months, the startup would also operate in Near and Aptos, respectively.
About Seed Funding Round
Following the release of the product, the business began raising funds, and Wang said it finished the raise in January. The funds raised will be used to expand the team, which has a headcount of about 25, and enhance the company’s security solutions.
“We are trying to provide the developers with a one-stop solution to help them focus more on business — like helping GameFi projects spend more time providing better quality games,”
Wang
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