Quick take:
- The Series A round was joined by Founders Fund, Castle Island Ventures and Breyer Capital.
- Dynamic Labs’ embedded wallet infrastructure currently supports EVM, Solana, Starknet, Algorand, Cosmos, and Flow.
- The company will use the funds to accelerate the development of its platform and expand support to more blockchains.
Dynamic Labs has announced a $13.5 million Series A round led by Andreessen Horowitz. The Web3 authenticator platform wants to simplify access to wallets and bring web3 login to the masses.
Founders Fund, Castle Island Ventures, Breyer Capital, Nikil Viswanathan and Joe Lau from Alchemy also joined the round. The company said the fundraising will help accelerate its support for Web3 builders looking to bring accessibility to the industry through embedded or branded wallets and democratise digital ownership.
Dynamic offers a suite of tools that help developers create web3 login experiences for everyone, regardless of their crypto knowledge. The multi-chain platform currently supports six chains including EVM, Solana, Starknet, Algorand, Cosmos, and Flow.
According to the announcement, this year alone, over 1.6 million unique users across the six chains have used the Dynamic platform through branded and embedded wallet login flows, the company said in a statement on Wednesday.
“With Dynamic’s toolset, we aim to enable developers to easily create interactions that were not possible before. Our vision is simple – abstract away the complexities of wallet interactions, in all forms, and let developers focus on their core products,” co-founders Yoni and Itai wrote in a blog post.
Accompanying the funding announcement was the launch of multiple features on the Dynamic platform.
The company unveiled Dynamic’s non-custodial embedded wallet features including Passkeys and Secure Enclaves, Pre-Generated Wallets, Integrated On-ramps and User-friendly recovery flows, enabling wallet providers to easily onboard both crypto-native and non-crypto-native users.
Developers can leverage the platform’s toolset to “craft experiences that abstract away the complexities of crypto, showing email or social login to their users while hiding everything else.”
In a blog post announcing her company’s leading role in the round Arianna Simpson, General Partner at A16z wrote: “Time and time again we’ve heard from developers how seamless the integration experience is, and how much time they’re saving by focusing on their core product instead of worrying about authentication and user onboarding flows.”
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