Serial investor and entrepreneur Mark Cuban, owner of the Dallas Mavericks basketball team, attended the round along with previous investor 500 Global, a venture capital firm.
Blocto, the popular Web3 cryptocurrency and NFT wallet developed by Taiwan-based portto, announced today that it has closed a Series A funding round, valuing it at $80 million. Serial investor and entrepreneur Mark Cuban, owner of the Dallas Mavericks basketball team, attended the round along with previous investor 500 Global, a venture capital firm. The round also featured the likes of Dapper Labs CEO Roham Garegozlou, Gen. G Esports’ Kevin Chou, and Animoca Brands.
Blocto’s main goal is to democratize access to blockchain technology and the world of Web3. It is a smart contract wallet that supports some of the largest blockchain networks in the industry including Ethereum, BNB Chain, Avalanche, Solana, Flow, Aptos, Tron and Polygon. Users can sign up via email, interact with a range of decentralized applications, buy, sell and store NFTs and much more. It also supports buying fiat to crypto and offers both custodial and non-custodial options for users who prefer to remain in full control of their digital assets.
Perhaps its biggest selling point is the email-based sign-up feature, which eliminates the need for users to enter and store a private key. This is important for onboarding new users as it can be confusing for people who are just starting out with crypto. Another key benefit of Blocto is that users can interact with all supported blockchains even if they don’t have that platform’s native token to pay “gas fees”.
“While we see the full potential of blockchain technology, the key to mass adoption is a simple user onboarding experience – something that Blocto offers,” said Edwin Yen, co-founder and COO of portto. “This is also the reason why large consumer-facing companies such as Yahoo, MotoGP Ignition and Gogoro choose Blocto as their exclusive partner to explore the Web3 world.”
On the developer side, Blocto offers a comprehensive software development kit that allows them to integrate third-party apps into the wallet. Blocto’s SDK greatly simplifies the onboarding of new dApp users and boasts a 95% conversion rate, well above the industry standard.
Blocto is also notable for Blocto Swap, the first decentralized exchange platform on the Flow blockchain, known for its super-fast transactions and low gas fees. Blocto Bay is a cross-chain NFT marketplace that allows users to trade their digital collectibles across multiple networks. Additionally, it offers DeFi tools that allow users to “stake” their digital assets into liquidity pools and earn fees from others using the wallet for trading, as well as an IDO platform for those interested in to invest in other promising crypto projects.
According to Blocto, the funds from today’s round will be used to fuel the development of its wallet, services and infrastructure and help the company meet its goal of bringing “millions of new users” to the crypto world. It’s certainly made solid progress toward that goal, with a user base of 1.6 million that continues to grow. Blocto has also established itself as the second most popular wallet within the Aptos blockchain ecosystem, with 400,000 users
“We are pleased to have received funding from investors who share our vision,” said Hsuan Lee, co-founder and CEO of portto. “With their support, we are better equipped than ever to attract the next billion users to crypto.”
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