Web3 Wallet Start-up Portal Successfully Secures $5.3 Million in Funding

03/01/2023 17:03 • Crypto & Markets • 62 views

It is reported that Portal, a Web3 wallet infrastructure start-up, announced the completion of a US $5.3 million financing, with the participation of Slow Ventures, and venture capital companies such as Haun Ventures, Acrew Capital, and Chapter One founded by Andreessen Horowitz alumnus Kaite Haun.

Portal, a Web3 infrastructure company, completed a $5.3 million financing

Interpretation of the news:

Portal, a start-up specializing in Web3 wallet infrastructure, has announced that it has successfully completed a round of financing that has brought in $5.3 million. The round of funding saw participation from several renowned venture capital firms, including Slow Ventures, Haun Ventures, Acrew Capital, and Chapter One. The financing was led by Slow Ventures, a fund known for its investments in technology start-ups such as Slack, Postmates, and Airtable.

Web3 wallets are digital wallets that are built on blockchain technology and are designed to support decentralized applications (dApps). The primary purpose of these wallets is to enable users to securely store and manage various digital assets, such as cryptocurrencies and other tokens, that are used within the Web3 ecosystem. The Web3 ecosystem is a decentralized, peer-to-peer network that aims to create a more open, transparent, and secure internet.

With the completion of the financing, Portal is well-positioned to expand its operations and further develop its range of Web3 wallet services. The company is committed to providing users with a reliable, user-friendly, and secure Web3 wallet experience that will enable them to take full advantage of the growing range of dApps that are being developed on the blockchain.

Slow Ventures, one of the lead investors in the financing round, praised Portal’s vision for bringing Web3 wallet infrastructure to the mainstream. The fund’s co-founder, Sam Lessin, noted that Web3 wallets have the potential to transform the way people interact with digital assets, and he is confident that Portal will play a key role in shaping the future of this emerging technology.

The successful financing round is a testament to the growing popularity of Web3 wallets and the potential of blockchain-based technologies to disrupt traditional industries. With the support of investors such as Slow Ventures, Portal is well-positioned to become a leader in the Web3 wallet space and to help shape the future of the decentralized internet.

Overall, the successful financing round marks an exciting new chapter for Portal and the Web3 ecosystem as a whole. As the blockchain-based world continues to evolve, it is clear that the demand for reliable, user-friendly Web3 wallet solutions will only continue to grow. With its latest funding secured, Portal is ready to meet this challenge head-on and take its place at the forefront of this exciting new technology.

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Web3 Wallet Start-up Portal Successfully Secures $5.3 Million in Funding

Portal, a Web3 infrastructure company, completed a $5.3 million financing

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