Quick take:
- Mark Cuban-backed cross-chain wallet Blocto has completed a Series A funding round at an $80 million valuation.
- 500 Global and IPX (formerly Line Friends) also participated in the round.
- The company said it will use the funds to create infrastructure for the mass adoption of web3.
Blocto Wallet has announced a new funding round at a valuation of $80 million. The cross-chain wallet’s latest Series A round was backed by 500 Global and IPX (formerly Line Friends).
In October 2021, Blocto revealed that Dallas Mavericks owner, Mark Cuban had invested in the company. Cuban also serves as an adviser to the portto subsidiary.
Blocto is also backed by leading web3 investment companies and individual investors including Kevin Chou of Gen. G Esport, Roham Garegozlou— CEO of Dapper Labs, and blockchain gaming giant Animoca Brands, among others.
The company said it will use the fresh capital to accelerate the development of Blocto as it ramps up the infrastructure to onboard the next millions of users to crypto.
According to the announcement, Blocto had 1.6 million users as of November 2022. Its NFT marketplace BloctoBay is the largest on the Flow blockchain. Blocto recently expanded to the Aptos ecosystem, where it has amassed a user base of 400,000 becoming the second-largest Aptos wallet on the network.
Commenting on the Series A fundraising, Hsuan Lee, portto’s co-founder and CEO said: “Blocto’s mission is to democratize access to the opportunities blockchain tech presents by creating simple-yet-powerful products that provide the same great UX across multiple blockchain ecosystems. We’re thrilled to have attracted funding from investors that share our vision. With their support, we’re better equipped than ever to onboard the next billion users to crypto.”
Blocto is currently available on Ethereum, Aptos, Solana, Flow, BNB Chain, Polygon and Tron, facilitating transactions within and across all the blockchains. Blocto describes itself as an easy-to-use multi-chain application that allows new users to join the world of crypto with email logins. This helps web3 builders to benefit from existing web2 marketing solutions at lower user acquisition costs.
Tony Wang, a managing partner at 500 Global commented: “In our experience, the best founders continue to build to achieve their vision regardless of market conditions. We believe the continuous growth of Blocto users in the current environment is indicative of portto’s commitment to be one of the most influential blockchain companies in the industry.”
Blocto plans to continue expanding to more blockchains in the future as it seeks to onboard new users through DeFi, NFTs, and GameFi applications.
Edwin Yen, portto’s co-founder and COO added: “Blockchain is an attractive emerging market that, similar to the internet back in the ’90s, is here to stay. Although we can see the full potential of blockchain technology, the main key to mass adoption is an easy user onboarding experience — something that Blocto provides. This is also why big consumer-facing companies such as Yahoo, MotoGP Ignition, and Gogoro all choose Blocto as their exclusive partner to explore the Web3 world.”
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