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Argent Raises $40M to Improve Security of Crypto Wallet

UTC by Kofi Ansah · 3 min read
Argent Raises $40M to Improve Security of Crypto Wallet
Photo: Argent / Twitter

Argent offers an Ethereum mobile crypto wallet app that guarantees non-custodial wallet security and user freedom without the need to memorize and protect a seed word.

Argent, an Ethereum crypto wallet, has announced that it has secured $40 million in a Series B funding round. The latest funding round was led by Fabric Ventures and Metaplanet, coupled with existing investors including Paradigm, Index Ventures, and Creandum, as well as strategic investors including Starkware, Jump Crypto, Stakware, the parent company of zk-rollup network StarkNet, and Animoca brands.

Argent has steadily been solving many issues in the crypto space including high fees, limited use cases, centralized exchanges, and questionable security, and now has its focus set on building an app for all things DeFi and Web3 and expanding its geographical reach.

Argent is actively exploring new features and verticals, including virtual real estate, gaming, DAOs, and NFTs in its quest into DeFi and Web3.

“For crypto to live up to its potential, it needs to break the stranglehold of big exchanges and incumbent wallets. The experience is too scary, expensive, and insecure for most people. Argent fixes this”, said Itamar Lesuisse, Co-Founder & CEO of Argent.

“This latest investment will enable us to double-down on product development, bringing more DeFi and Web3 use cases to the app, and enable us to expand into South America, where due to high levels of inflation and a deep mistrust of institutions, our product-market fit is especially strong”, Lesuisse added.

Argent offers an Ethereum mobile crypto wallet app that guarantees non-custodial wallet security and user freedom without the need to memorize and protect a seed word. Fabric Ventures and Metaplanet, two early-stage venture capital firms, led a $40 million Series B fundraising round for the company.

The Ethereum crypto wallet now enables customers to buy, trade, and earn crypto at the tap of a button, all while reducing transaction fees in the process as well as replacing outmoded security measures.

Argent offers an Ethereum mobile crypto wallet app that promises the security and user freedom of a non-custodial wallet without the need to learn and guard a seed phrase. Non-custodial crypto wallets usually require their users to either memorize or securely store a 12- or 24-word seed phrase to properly hold and transfer their digital assets. Since the launch of its new Layer 2 account last year, Argent has gained more than 500,000 users.

“Noncustodial crypto was really about users having some kind of secret. If they lose their secret, they lose their money. And if I find your secret, you lose your money. That’s really how any wallet works,” Itamar Lesuisse, stated after the announcement.  “That’s way too scary. It’s the most stressful experience,” he added.

The Argent wallet backup relies on “guardians,”  a hardware wallet, a third-party service, or a human, who can approve account recovery or untrustworthy transactions. In addition to its unique security features, the Argo product allows users to buy and stake cryptocurrencies at a fraction of the transaction or gas fees charged by competing wallets. Users can earn up to 5% in ETH staking and up to 15% in USDC and DAI staking.

Assets can be bought or sold with a credit card or a bank transfer. The software makes use of the mobile operating system’s built-in security.

Altcoin News, Blockchain News, Business News, Cryptocurrency news, Ethereum News
Kofi Ansah
Author Kofi Ansah

Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.

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