Soul Wallet raises $3 million in seed round financing for launch of self-hosted Ethereum wallets

03/16/2023 12:09 • Metaverse & Beyond • 77 views

It is reported that Soul Wallet, the start-up company of Zeng Jiajun, the former product manager of ByteDance, has just raised $3 million in seed round financing. Soul Wallet is used to provide online self hosted Ethereum wallets based on ERC-4337. According to founder Zeng, Saul Wallet is currently undergoing internal testing and plans to launch in the third or fourth quarter after a series of rigorous reviews. The team currently has over a dozen employees throughout the United States, Japan, Thailand, and China.

Saul Wallet Announces Completion of $3 Million Seed Round Financing

Analysis based on this information:

Soul Wallet, a start-up company founded by Zeng Jiajun, the former product manager of ByteDance, has raised $3 million in seed round financing for its project. Soul Wallet aims to provide online self-hosted Ethereum wallets based on ERC-4337. According to Zeng, the company is currently undergoing internal testing and plans to launch in the third or fourth quarter after a series of rigorous reviews. The team behind Soul Wallet currently consists of over a dozen employees across the United States, Japan, Thailand, and China.

The launch of Soul Wallet is particularly significant because it is focused on offering self-hosted Ethereum wallets, which means that users will have complete control over their private keys and funds. The most popular Ethereum wallets on the market today are often web-based, which means that users are required to trust a third party to keep their funds safe. With Soul Wallet, users can avoid the risk of hacks and other security issues that may arise from placing trust in a centralized service.

Moreover, the fact that Soul Wallet has raised $3 million in seed round financing suggests that investors see the potential in the company. Although Soul Wallet is still in the testing phase, it is clear that the market is hungry for decentralized solutions that enable individuals to have more control over their digital assets. With Bitcoin and other cryptocurrencies continuing to rise in popularity, the demand for secure and easy-to-use wallets will only increase.

In terms of the team behind Soul Wallet, the fact that they are located across multiple regions of the world suggests that the company is looking to tap into various markets. Japan and Thailand, for example, have been particularly receptive to cryptocurrencies, with many tech-savvy individuals in those countries looking for convenient and secure ways to store and transfer their digital assets.

Overall, Soul Wallet’s focus on self-hosted Ethereum wallets and its successful seed round financing make it an exciting project to watch in the coming months. As the launch approaches, it will be interesting to see how Soul Wallet distinguishes itself from other wallet solutions on the market and what unique features it brings to the table.

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