Blocto’s cross-chain wallet reaches $80 million valuation

The Blocto cross-chain wallet joins other non-custodial wallets to become a widespread alternative to hot, centralized exchange custody after various central exchange scandals in 2022. Although non-custodial wallets require more responsibility and effort, they are still more popular.

This type of wallet provides greater security and reduces the risk of third parties misusing or stealing funds. The ease of use makes it easy to send and receive crypto and gives users faster access to their assets when needed.

In addition, non-custodial wallets allow users to recover lost access to their wallets by using the passphrase associated with the wallet’s private key.

Bloctos multi-chain wallet

Blocto is a wallet application and multi-chain ecosystem developed by parent company portto. Founded in Taipei in 2019, the company aims to simplify blockchain and Web3, making them accessible to a wider, non-technical user base.

Blocto aims to make blockchain technology accessible to everyone, providing a user-friendly entry point to DeFi, NFT, GameFi and Web3. The wallet natively supports Ethereum (ETH-USD), Aptos, Solana, Flow, BNB Chain, Polygon and Tron networks, and in the future Blocto intends to expand into promising new blockchain ecosystems.

Blocto’s successful Series A funding round

Participants in the recent investment round included global character brand IPX (formerly Line Friends) and returning investor 500 Global, a venture capital firm.

Blocto also attracted other notable investors and advisors, such as Kevin Chou of Gen. G Esport, Roham Garegozlou, CEO of Dapper Labs, and Animoca Brands, a blockchain gaming giant.

Blocto has already established itself as a leading blockchain ecosystem and cross-chain wallet provider. By November 2022, Blocto had already amassed 1.6 million users, with BloctoBay standing out as the leading NFT marketplace on the Flow blockchain.

Expressing his enthusiasm for the new funding, Blocto’s CEO Hsuan Lee said Blocto’s mission is to democratize access to blockchain technology and provide simple yet powerful products that offer the same excellent user experience across multiple blockchain ecosystems. He claimed that with the support of their new investors, the company is better equipped than ever to onboard subsequent billions of users to crypto.

Commenting on the continuous growth of Blocto users in the current environment, Tony Wang, a managing partner at 500 Global, said it is an indication of portto’s commitment to being one of the most influential blockchain companies in the industry. He added that in his experience, the best entrepreneurs continue to build to achieve their vision regardless of market conditions.

Blocto’s mission to democratize access to blockchain technology

Blocto removes specific friction points faced by industry newcomers, such as the often confusing cryptographic key system fundamental to cryptocurrency transactions.

Blocto has designed a more intuitive, user-friendly, chain-agnostic gas fee system that simplifies gas fees and transactions, making it easier for users to get started with blockchain technology. The company’s software development kit (SDK) allows the Web3 ecosystem to strengthen its cross-platform expansion and increase user acquisition.

With a 95% conversion rate, a login process of less than 30 seconds and a freemium model, integration with Blocto is an easy win for developers and projects.

Edwin Yen, portto’s co-founder and COO, said blockchain is an attractive emerging market, much like the internet in the 90s, and is here to stay. He added that while the full potential of blockchain technology is visible, the key to mass adoption is a simple user experience, which Blocto provides.

What you can expect in the coming years

In conclusion, Blocto’s successful Series A funding round and previous support from Mark Cuban indicate the enormous potential of blockchain technology and its continued growth in popularity. With a mission to democratize access to the opportunities offered by blockchain technology and promote mass adoption of Web3, Blocto aims to make blockchain technology more accessible and user-friendly.

As the world becomes increasingly digitized, it is becoming clear that blockchain technology will play a crucial role in shaping the future of various industries, including finance, healthcare and real estate. With companies like Blocto making blockchain technology more accessible, we can see even more innovation and growth in this space in the coming years.

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