Particle Network raises $7 million to build a middleware platform that supports Web3 developers.
Middleware Platform Particle Network Has Raised $7M
The seed funding round was led by ABCDE and had support from other investors including Animoca, Longhash Ventures, GSR Ventures, Hashkey and OP Crypto, the company told The Block. It previously raised $1.8 million in a pre-seed funding round last April with participation from LongHash Ventures and Insignia Ventures.
The startup’s core product released last year is a login and wallet middleware solution that helps developers integrate a user-friendly web3 authentication solution into their decentralized applications. The tool allows the end user to sign up either through existing crypto wallets or with a phone number or social media account, automatically creating a network wallet without custody, said Pengyu Wang, founder of Particle Network.
“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 said.
Since its launch in October 2022, the startup has onboarded more than 200 web3 projects, including Ultiverse, FunPlus and Perfect World. Particle Network’s tools are multi-chain and available for all Ethereum Virtual Machine (EVM) chains, not just Solana and Tron. The startup is also set to launch with Near this month and Aptos next month.
Wang said the startup began raising funding after the product was launched and completed the funding in January. Proceeds from the procurement will be used to further the security offering and expand the team, which currently has approximately 25 people. The Particle Network has many other services, from node services to data APIs and NFT services. Its main goal is to be a full-stack middleware platform for Web3 developers.
“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. We charge projects or developers based on monthly active users. There is a charging point, which is 2000 MAU. Below that, it’s all free, and after they reach a certain point they are going to pay per MAU per month. Basically, it’s just a subscription fee model,” Wang said.
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