By
Godfrey Benjamin
May 10th, 2024
Bitski, a startup that plans to revolutionize crypto wallet use, has raised $1.81 million in its latest funding round from a row of prominent investors.
Bitski crypto wallet, which is a startup that aids the embedding of crypto wallets in various applications for developers, has recently raised $1.81 million in a seed funding round. It saw backing from the likes of Galaxy Digital, Winklevoss Capital (who have predicted the future widespread use of crypto) and Coinbase Ventures which is an investment arm of Coinbase.
And the interest in such projects is quite clear. Naturally, as cryptocurrency increases in popularity around the world, there are several businesses that will also see an increase in popularity and one of these is crypto wallets. This is evidenced by the fact that the wallets have been more widely used in the last few years and the fact that several mobile phone developers have begun installing default wallets on their devices in order to keep up with the growing audience of crypto holders. If cryptocurrency is to successfully embed itself in the global financial world and move towards the next phase of maturity, crypto wallets will have to be as accessible as possible.
According to the management of Bitski, their product addresses a single problem that plagues many crypto users, which is the hurdles they often have to pass through to set up their crypto wallets. By having a single sign-in wallet that can be embedded in practically any application, consumers are saved a great deal of time and effort. Also, this helps to boost crypto adoption as the wallet is widely and easily accessible.
Thus far, the start up’s products have already been taken on by a sports betting site, a game developer and YouNow.
“There are a lot of projects out there that are interesting to the core crypto users but we’re trying to work on things that have broad mainstream appeal,” said their CEO Donnie Dinch.
Dinch went on to state that gaming has always been one of the company’s major focuses since inception and according to a partner at Winklevoss Capital, the work that’s Bitski is doing is helping to move the needle on the next phase of crypto adoption.
The wallets, however, do have the trade-off in the terms of self-custody as the keys to the wallets are stored in hardware Security modules in various data centers but according to Dinch, the company is betting that most users would prefer to have the keys stored by a third-party anyways.
According to Robert Leshner, who had participated in this funding round via Robot Ventures, he believes that this new application could be a major onboarding process for new users.
“Public-key cryptography is the bedrock of the growing decentralized application ecosystem – but as it stands, it’s simply too cumbersome and confusing for a mainstream user experience,” Leshner said,“ Bitski is a necessary experiment to (re)imagine how we interact with blockchains. They remove the friction and difficulty of wallet management, while preserving security and increasing portability.”