SAN FRANCISCO, Oct. 20, 2022 (GLOBE NEWSWIRE) — Otter, a new Web3 mobile app that makes holding crypto easier and safer than ever, is excited to announce that it has closed a $3.1 million pre-seed funding round led by Race Capital with participation from Circle Ventures, Slow Ventures and Kamal Ravikant. Ottr will use the proceeds from the round to expand to over 100 countries with the mission of making crypto more seamless and less intimidating for users worldwide.
The global crypto population is expected to reach one billion by the end of 2022, up from 295 million in December 2021, according to Crypto.com. With global currencies continuing to depreciate against the US dollar, millions of users are looking for a solution to keep their savings and earnings in USDC, USDT and other digital currencies. Ottr provides a simple and intuitive solution that anyone with a phone can access in US dollars.
With Ottr, millions of users worldwide can instantly send USDC for free without going through the complicated steps of setting up their self-managed wallet and storing seed phrases.
“I saw firsthand the challenges of getting new users into crypto wallets. It’s just too expensive and complicated,” said Aleksei Zakharov. “No one should have to worry about jumping through multiple hurdles and the anxiety of potentially losing their money again. I really think we’re building a Venmo-like experience for Crypto.”
“Since the launch of USDC in 2018, there has been a growing demand for payment networks built into Web3 wallets,” said Jeremy Fox-Geen, CFO of Circle. “We are proud to support the Ottr Finance team as they build this frictionless experience for users by connecting traditional finance with the future of money.”
“We at Race Capital are very excited to partner with Aleksei and his world-class engineering team to create this crypto app for everyone,” said Chris McCann, General Partner at Race Capital. “From the first time we met Aleksei, we could see his passion, vision and insight into making crypto more accessible and easy to use for everyone.”
“I originally invested based on the founder and his vision. In three months he raised a round and built a top team of alumni from CashApp, Lyft and Yandex. Their product execution and speed has been some of the best I’ve seen,” said Kamal Ravikant, angel investor and best-selling author.
As a next step, Ottr will offer more sustainable yield products. Aleksei’s vision doesn’t just stop there: Ottr plans to add more financial offerings to become the decentralized finance super app for their users.
In November, Ottr will release limited Ottr NFTs that users can display as wallet profiles. Sneak peek coming at Ottr Twitter.
About Ottr
Ottr is a Solana-based crypto app for self-storage. With Ottr, millions of users globally can easily get started with crypto without the complexity of stakes, fees and gas fees. For more information, please visit: and follow Ottr further Twitter.
Watch this video for a quick overview of the product.
About Race Capital
Race Capital is an early-stage venture fund focused on investing in exceptional founders building market-transforming companies in the data, enterprise, infrastructure and fintech sectors. Our team are seed investors in Databricks, Solana, FTX, Agora.io, Zeet and many other great companies. For more information, visit https://race.capital/.
Tap Contact
Media contact for Race Capital
Dukas Linden PR
Emily Burnham / Zach Kouwe
[email protected]
How Ottr works
Just download the app from App Store or Google Play. Claim a unique $ottrname to start sending and receiving payments. Load money with Coinbase, FTX or Juno. Then take a look at the Explorer tab to start exploring the world of crypto. Ottr has chosen the lowest and safest methods to buy crypto and earn returns.
An image accompanying this announcement is available at
