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Serial investor and entrepreneur Mark Cuban, the owner of the Dallas Mavericks basketball team, participated in 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, said today it has closed on a Series A round of funding that values it at $80 million. Serial investor and entrepreneur Mark Cuban, the owner of the Dallas Mavericks basketball team, participated in the round along with previous investor 500 Global, a venture capital firm. The likes of Roham Garegozlou, CEO of Dapper Labs, Kevin Chou of Gen. G Esports and Animoca Brands also participated in the round.
The main goal of Blocto is to democratize access to blockchain technology and the world of Web3. It’s a smart contract wallet that supports some of the biggest blockchain networks in the business, including Ethereum, BNB Chain, Avalanche, Solana, Flow, Aptos, Tron and Polygon. Users can login with email, interact with a range of decentralized applications, buy, sell and store NFTs and much more. It also supports fiat to crypto purchasing, and offers both custodial and non-custodial options for users who prefer to stay in full control of their digital assets.
Perhaps the biggest selling point is its email-based login feature, which eliminates the requirement for users to enter and store a private key. That’s important for onboarding new users, as it can be confusing for people who’re just getting started with crypto. Another key benefit of Blocto is that it allows users to interact with all supported blockchains, even if they don’t have that platform’s native token to pay for “gas fees”.
“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,” explained portto co-founder and COO Edwin Yen. “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.”
On the developer side, Blocto offers a comprehensive software development kit, allowing them to integrate third-party apps with the wallet. Blocto’s SDK massively simplifies the experience for onboarding new dApp users and boasts a conversion rate of 95%, well above the industry standard.
Blocto is also notable for Blocto Swap, the first decentralized exchange platform on the Flow blockchain that’s known for its super-fast transactions and low gas fees. As for Blocto Bay, this is a cross-chain NFT marketplace where users can trade their digital collectibles on multiple networks. Further, it provides DeFi tools that allow users to “stake” their digital assets in liquidity pools and earn fees from others who use the wallet for trading, plus an IDO platform for those who’re interested in investing in other promising crypto projects.
According to Blocto, the funds from today’s round will be used to further the development of its wallet, services and infrastructure, helping it to meet its goal of onboarding “millions of new users” to the crypto world. It has made solid progress towards that goal in any case, with a user base of 1.6 million that keeps on growing. Blocto has also established itself as the second most popular wallet within the Aptos blockchain’s ecosystem, with 400,000 users
“We’re thrilled to have attracted funding from investors that share our vision,” said portto co-founder and CEO Hsuan Lee. “With their support, we’re better equipped than ever to onboard the next billion users to crypto.”
