Argent, which offers a wallet for the Ethereum blockchain (ETH), has just raised $40 million. The funds will be used by the startup to expand into Latin America, recruit new staff and explore new technologies for layer 2 networks.
Silver raises $40m
Ethereum wallet (ETH) Silver will be able to expand. Indeed, the London-based startup has just raised $40 million in a Series B funding round to further develop the many tools it provides to its users.
The round was led by Fabric Ventures and Metaplanet, the investment fund founded by Jaan Tallinn, one of the co-founders of Skype. Other investors include Index Ventures, Paradigm, Creandum, Jump Crypto and Animoca Brands.
We also note the presence of Starkware as an investor, the company behind the StarkNet network for which Argent X was the first wallet available.
Argent offers a non-custodial mobile wallet with no seed phrase. This allows its users to benefit from the security offered by a non-custodial system while freeing them from the burden of having the entire security of their funds dependent on a key, as explained by Itamar Lesuisse, CEO of Argent:
The non-custodial wallets were really like users had a secret. And if they lose their secret, they lose their money. […] It’s way too scary. It’s the most stressful experience. “
Since the launch of the layer 2 accounts last year, Argent has attracted more than 500,000 users.
Funds to be present on all fronts
This new capital injection will allow Argent to expand in Latin America, particularly in Mexico, where demand for this type of product is growing, particularly due to local inflation and the mistrust of citizens towards their financial institutions.
Argent is also already focusing on the creation of an application specifically dedicated to decentralised finance (DeFi) and Web 3.0, and is also exploring sectors as diverse as virtual real estate, GameFi, DAOs and non-fungible tokens (NFTs).
For each vertical, we can build a team that will explore and build solutions. We want the portfolio to be the entry point for how you experience this world. “
Some of the new funds will also be used to recruit new staff, whether in legal, finance and cash management, or exploring new developments in protocols operating on overlay networks.
