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Braavos is hoping to achieve an all-around improved user experience, and it may be well on track.
Crypto wallet Braavos has announced the successful completion of a $10 million funding round. According to the announcement, the funding round was led by the world’s largest crypto hedge fund by assets under management (AUM), Pantera Capital. The round also saw participation from other investors including BH Digital, Road Capital, Crypto.com, DCVC, StarkNet developer Starkware, and Matrixport.
Braavos Keen on Improving the User-Friendliness of Its Self-Custody Offering with New Funding
Going by the company’s release, Braavos says the $10 million fund will be focused on launching a self-custodial wallet on the Ethereum scaling solution StarkNet. The effort is in line with the company’s goals of improving the user-friendliness of its wallets.
To achieve this, the Israeli-based firm has leveraged StarkNet’s solution by building an all-in-one crypto product on its blockchain. By doing that, it hopes to tap into the blockchain’s “zero-knowledge rollup” technology, to improve transaction speeds and reduce fees.
Meanwhile, speaking about the technology on StarkNet, co-founder of Braavos, Motty Lavie says its adoption is further proof that Braavos is a tech-driven company. Lavie added that self-custody has become overly burdensome for users. He said:
“Crypto today, or at least let’s say decentralized self-custodial crypto, has put on the user’s shoulders a big burden in terms of taking care of their security.”
It is this bad user experience that the firm is looking to improve on, per Lavie’s statement.
Competitive Offers Abound
It appears Braavos is going all in with its upcoming self-custody launch. That is considering how it could potentially render hardware wallets redundant with its signer feature tool. The tool will allow users to secure wallets with more than just a seed phrase. That is, they could use biometrics such as face ID and fingerprints, to secure wallets.
The self-custody wallet will also come with access to decentralized applications (dApps), an inbuilt crypto exchange, and a Transaction Explainer that will help rookie crypto traders find their way around transactions. And in addition to that, further plans are also being drawn up to launch a “forgot password” feature shortly after the Braavos wallet launch.
Overall, Braavos is hoping to achieve an all-around improved user experience and it appears to be well on track.