SphereOne raises $2.5 million in a funding round for its cross-chain crypto payment platform.
The financing round was led by Distributed Global, with other participants including Newark Venture Partners, Zero Knowledge, as well as angel investors Leore Avidar of Alt.xyz and Lob.com and Eric Feldman of Bolt.com.
The company targets people who do not have any knowledge about crypto. In line with this goal, it can say that the investment collected can use for platform improvements and marketing strategies. Ryan McNutt, CEO of SphereOne, said:
“We’re so focused on creating the best user experience for first-time crypto users that I often joke with Chris that we’re building crypto for grandmas since we want anybody to participate in Web3.”
The platform places great importance on users’ time. Therefore, transactions on the platform take place in the shortest possible way and at the fastest speed. The platform also allows transfers between different blockchains, as well as a fiat-to-crypto feature.
The SphereOne platform is also working to address users’ security concerns. These security concerns were exacerbated by the FTX incident. The core team’s previous experience in building security infrastructure and creating new products gives hope that the platform can protect user assets.
Opportunity for Web3 Games
The platform’s uninformed crypto audience, which it describes as crypto for grandmothers, is actually a great opportunity for the gaming industry. Today, many gamers are familiar with Web2 games but struggle with the crypto side of Web3 games.
The platform’s mission is to make it easier for gamers to transition from Web2 to Web3. Jacob Sloan, CEO of MetaOps, said:
“If you’re a Web3 game publisher, it’s important to focus on onboarding experience for Web2 players since that’s where much of the opportunity is. SphereOne is an integral part of our payment stack because it creates an abstraction layer for users not familiar with crypto infrastructure and allows us to incorporate different blockchains without building out direct support”
Because of SphereOne’s mission, one of the biggest opportunities for the platform is in developing countries. The low gas fees offered by the platform and its mission could be an opportunity to bring cryptocurrency adoption to developing countries. Ryan McNutt said:
“We’re really excited about launching our mobile application internationally for peer-to-peer transactions, especially in developing countries. There will be some great applicability for our crypto payment technology with users in those regions given our low fee structure.”
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