Argent Labs, a crypto company based in the United Kingdom, is looking for traditional investors to help with funds to build a super crypto software for increasing DeFi and Web3 use cases.
The secure crypto wallet company has raised a $40 million Series B funding round headed by Fabric Ventures and Skype co-founder Jaan Tallinn’s investment venture Metaplanet.
Existing investors such as Paradigm, Index Ventures, and Creandum, as well as new strategic crypto investors Starkware, Jump Crypto, and Animoca Brands, took part in the funding round.
Crypto wallet Argent seeks traditional investors for future fundraising
The Argent crypto wallet attracted over 500,000 users after switching to zkSync’s Layer 2 network in March. With its non-custodial crypto wallet, Argent allows users to purchase, earn, stake, and trade on Ethereum Layer 2 with minimal costs and bulletproof security.
In future funding rounds, Argent CEO Itamar Lesuisse has suggested that the company will seek out traditional investors. Argent will transform into a diversified corporation that only uses blockchain as a technology in the next 2-3 years. Furthermore, he stated that this is likely to be the final round of funding for crypto-focused venture capital firms.
Commenting on building a super crypto app for the DeFi and Web3 ecosystem, while constantly exploring new features and verticals, like virtual real estate, gaming, DAOs, and NFTs, he said:
“We have solved the difficulty of safety in non-custodial crypto wallets, measuring up usability versus safety to create a simple to make use of product, now we’re targeted on scalability,”
Fabric Ventures general partner Anil Hansjee believes that crypto wallets are critical for Web3. Argent is a self-custody crypto wallet with smart contracts that combines security, usability, and affordable fees.
Argent already incorporates a number of features, such as a 5% reward for staking ETH, up to 15% earnings on USDC and DAI, purchasing with cards or bank transfers, and trading tokens with a single tap.
Argent intends to expand into South America
Argent intends to use the fund raised in this round to expand globally and develop new products in the Web3 and DeFi space. Because of rising inflation and a growing distrust of local institutions, the company wants to expand into South America. Mexico will be the first country where the company’s services and teams will be expanded.
Following that, the company plans to expand into Asia in response to rising cryptocurrency adoption and demand for its products.
