Reown Secures $13 Million to Revolutionize On-Chain User Experience

Reown, formerly WalletConnect, has raised $13 million in a Series B funding round. The investment will be used to further develop Reown’s on-chain UX platform, with an emphasis on the company’s software development kits, Reown AppKit and Reown WalletKit. Reown aims to simplify the integration of blockchain technology into traditional financial systems and enhance user interactions within the decentralized finance (DeFi) ecosystem.

Reown has played a crucial role in enabling wallet-to-dApps connections without any hassle through its WalletConnect Network. Since its launch in 2018, the network has enabled more than 220 million connections, supporting over 20 million monthly users across 6,000 applications and 600+ wallets. This wide reach is a testament to Reown’s efforts to enhance on-chain UX and promote wider adoption of blockchain technology.

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The Series B Funding Round

This latest round of funding amounts to $13 million, with USV and 1kx taking the lead and further contributions coming from Global Digital Asset Holdings, Shopify Ventures, Kraken Ventures, and Crypto.com Capital. The investment reflects confidence in Reown’s vision and recognition of the increasing need for blockchain solutions that are accessible to users.

Strategic Goals

The capital raised will be utilized in developing Reown’s SDKs: Reown AppKit and Reown WalletKit. These are toolkits for making the incorporation of blockchain functionality into applications and wallets respectively easier to do. Enhancing these SDKs will provide developers with the means of creating intuitive, secure user experiences that will increase the adoption of blockchain technology in all industries. 

Innovations in On-Chain UX

Reown has introduced several innovations to address the complexities of on-chain user interactions:

• Smart Sessions: This feature simplifies subscription payments in the cryptocurrency landscape without relying on escrow accounts, thereby reducing friction for users and service providers. BUSINESS WIRE
• AppKit: Already adopted by popular DeFi projects such as Jupiter, Drift, and Marinade, AppKit enables the seamless onboarding of hundreds of millions of new users via its embedded wallets, smart accounts, and fee sponsorships. AppKit has just expanded its offerings to support multiple blockchains, including Solana and Bitcoin, a response to increasing user demands for richer on-chain experiences.
• WalletKit: Being an industry standard toolkit for innovation in wallet UX, WalletKit is used by more than 600 wallets, which include Trust Wallet and Binance Web3Wallet. It offers crucial tools and APIs that simplify the connection of wallets to decentralized applications and focuses on removing chain swapping and bridging blockers from user interaction.

Industry Impact

Reown innovation has been attractive enough to attention for the prominent infrastructures. Even Stripe, one of them, has used reown’s products effectively and thereby was able to polish the crypto aspect and improve itself among others. Business wire
The Leader’s Opinion

Jess Houlgrave, CEO of Reown, expressed enthusiasm about the company’s future, stating, “The WalletConnect Network has long been the essential bridge connecting wallets, apps, and users. We’re entering the next phase of growth, where the network will also serve as a bridge to the traditional financial system.” Houlgrave emphasized the pressing need for transformative improvements in on-chain user experiences, highlighting the company’s commitment to making blockchain technology seamless for everyone.

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Future Prospects

Reown is now well-equipped to accelerate the development of its SDKs and expand its suite of tools aimed at enhancing on-chain UX with the infusion of $13 million in funding. The strategic focus of the company on bridging the gap between traditional finance and blockchain technology aligns with the broader industry trend towards greater integration and user accessibility. As Reown continues to innovate and collaborate with key industry players, it is well-positioned to play a pivotal role in shaping the future of decentralized finance and blockchain adoption.

Summary

A significant milestone in Reown’s quest to improve the user experience of on-chain activity has been marked by the $13 million successful funding round. By developing its AppKit and WalletKit SDKs, Reown is targeting some of the most critical issues in the blockchain space, including the smoother integration between traditional financial systems and decentralized applications. Esteemed investors are backing the company’s strategic moves, which clearly show its promise to drive innovation and adoption in the blockchain industry.