Reown (previously known as WalletConnect) announced it has closed a $13 million Series B funding round. USV and 1kx led the funding round and it also included Global Digital Asset Holdings (a joint venture investment vehicle established by SC Ventures and SBI Holdings), Shopify Ventures, Kraken Ventures, Crypto.com Capital, Figment, Kiln, Everstake, BitGo Ventures, and Fenbushi. So far, Reown has raised a total of $38 million from some of the most prominent investors in Web 2 and web3.
Known as the builders of the WalletConnect Network, Reown is leading the charge in improving onchain UX. The company will use the new funding to further develop its onchain UX platform through its SDKs—Reown AppKit and Reown WalletKit.
The increase in traditional financial services offering crypto payments has increased the demand for improved onchain UX. And payment providers aim to decrease friction, abstract blockchain complexities, and remove blockers such as gas fees and seed phrases. Reown’s expertise in onchain UX positions its products as critical solutions where traditional finance, financial technology, and decentralized finance overlap. And it recently announced Smart Sessions, a feature that addresses the challenge of subscription payments in crypto without relying on escrow accounts. Stripe and Raise utilized Reown technology earlier this year for seamless crypto solutions.
Utilized by apps including DeFi giants Jupiter, Drift, and Marinade, Reown AppKit allows developers to onboard millions of users in minutes through tools like embedded wallets, smart accounts, and user-friendly features such as fee sponsorships, swaps, and on-ramps. And recently, AppKit became a multichain solution by adding support first for Solana and then Bitcoin, with plans to expand to more blockchains as demand for improved onchain UX grows. Telegram’s 950 million users also benefit from seamless and intuitive onchain experiences with the recent addition of support for Telegram MiniApps by Reown AppKit.
Reown WalletKit is the industry-standard toolkit for creating innovative wallet UX. Utilized by over 600 wallets, including Trust Wallet, OKX Wallet, Binance Web3 Wallet, Bitget Wallet, Crypto.com Onchain, and Fireblocks, it provides tools, libraries, and APIs to streamline the process of connecting wallets to decentralized applications. And a major focus of WalletKit is the recently announced “Chain Abstraction Roadmap,” which outlines three phases for drastically improving onchain UX by eliminating chain-swapping and bridging blockers. WalletKit is also focused on gas abstraction, aiming to remove the need for users to understand or manage gas fees.
Reown remains a core developer of the WalletConnect Network, surpassing over 220 million connections with more than 35 million users globally. Today, the network facilitates over 20 million monthly connections for more than 5 million monthly users. And the WalletConnect Foundation recently announced the decentralization of the network by adding third-party node operators and launched the WalletConnect Token (WCT).
KEY QUOTES:
“The WalletConnect Network has long been the essential bridge connecting wallets, apps, and users. Now, we’re entering the next phase of growth, where the Network will also serve as a bridge to the traditional financial system. As we approach the ‘iPhone moment’ for crypto, there’s still a pressing need for transformative improvements in onchain user experiences. I’m proud that so many investors from both Web 2 and web3 recognize this potential and have chosen to support Reown’s mission. Together, through our contributions to the WalletConnect Network and our expanding product offerings, we aim to make blockchain technology as seamless and intuitive as possible for everyone.”
– Jess Houlgrave, CEO of Reown
“The Reown team has consistently demonstrated their expertise in addressing onchain UX challenges, from the WalletConnect Network to AppKit and WalletKit. Their commitment to both builders and consumers is unmatched. We look forward to working alongside Reown to tackle onchain UX.”
– Albert Wenger, Partner at Union Square Ventures
“Reown is redefining how individuals and businesses interact with digital assets. As we move toward a world where digital assets are central, ensuring smooth onboarding and ease of use is paramount. We’re proud to support Reown as they continue to shape the future of ownership and connectivity.”
– Lasse Clausen, Founding Partner at 1kx
