Web3 infrastructure startup WalletConnect raises $11 million in Series A funding
WalletConnect, a web3 infrastructure startup that allows users to connect crypto wallets with decentralized applications via QR codes, has raised $11 million in a Series A funding round.
This was an equity funding round and will help WalletConnect become a decentralized web3 messaging layer, the project's founder, Pedro Gomes, told The Block. To that end, WalletConnect is building two new protocols — a direct messaging protocol and a push notification protocol. WalletConnect also plans to launch its own token for its decentralization efforts."The token launch is what will enable our infrastructure and other service providers to interoperate the messaging network with low latency and high availability," said Gomes.
To meet its developmental plans, WalletConnect is also looking to double its current team size to about 24 by the end of the year, according to Gomes.