WalletConnect builder Reown raises $13 million in Series B round including Shopify and Kraken

Web3 infrastructure development firm Reown, best known as the builders of the communications protocol WalletConnect, has closed a $13 million Series B funding round led by Union Square Ventures and 1kx.

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 Fenbush also participated in the round, according to a statement on Wednesday.

This latest round brings Reown’s total fundraising to $38 million following its $12.5 million “ecosystem round,” announced in November 2022, and $11 million Series A round closed in March 2022 with the same leading investors alongside other firms such as Coinbase Ventures and Consensys. It also raised $1.25 million in a seed round led by 1kx in April 2021.

Reown intends to use the fresh capital to further develop its onchain UX platform through its SDKs — Reown AppKit and Reown WalletKit — with a rise in traditional financial services offering crypto payments increasing the demand for a better onchain user experience, the company said. It aims to abstract away blockchain complexities, removing barriers such as gas fees and seed phrases for mainstream participants.

Commenting on the deal, 1kx Founding Partner Lasse Clausen said that “as we move toward a world where digital assets are central, ensuring smooth onboarding and ease of use is paramount.”

Approaching the 'iPhone moment' for crypto

Payments giant Stripe and gift card provider Raise are among the firms leveraging Reown’s technology, which is also used by DeFi apps, including Jupiter, Drift and Marinade. Originally designed for Ethereum and EVM-compatible chains, Reown’s AppKit has since added support for Solana, Bitcoin and TON-based Telegram MiniApps. Reown’s WalletKit is used by over 600 wallets, including Trust Wallet, OKX Wallet, Binance Web3 Wallet, Bitget Wallet, Crypto.com Onchain, and Fireblocks, the firm said.

“The WalletConnect Network has long been the essential bridge connecting wallets, apps, and users,” Reown CEO Jess Houlgrave said. “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."

Reown rebranded from WalletConnect, Inc. in September as part of the protocol’s transition toward decentralization. The WalletConnect Foundation introduced WalletConnect’s native Connect Token (WCT), based on Optimism’s OP Mainnet Ethereum Layer 2 network, at the same time to facilitate governance and incentivize participation.

WalletConnect claims to have more than 35 million users globally, facilitating over 20 million monthly web3 wallet connections for 5 million monthly users.