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Web3 startup authentication and builder of authorization tools for developers, Dynamic, has secured $7.5 million in seed funding led by Andreessen Horowitz (a16z).
A report by The Block also highlighted the other contributors to the financing round. They include Breyer Capital, Solana Ventures, Circle Ventures, Chapter one, and Hypersphere. Also, Castle Island Ventures was one of the investors in the Dynamic seed funding.
Dynamic is the first crypto work experience of two Israeli friends who founded the startup in December. Itai Turbahn and Yoni Goldberg met at the Massachusetts Institute of Technology (MIT) and have known each other for 15 years, working together for different organizations, including Juul Labs and Israel Defense Forces. Although Dynamic is their first crypto work experience, the founders have been familiar with digital assets. Turbahn confirmed that the duo has been investing in cryptocurrencies since 2012. Hence, it is safe to say that Turbhan and Goldberg are early crypto adopters. With long-term experience as crypto investors, they are confident that wallet-based authentication will grow to become a useful tool in the next few years. Turbahn told The Block:
“We really fundamentally believe that everyone will have a wallet on their phone or computer in the next five years. The speed at which wallets will be integrated into someone’s daily lives will increase exponentially. So we’re prepping for that world.”
Dynamic Plans to Increase Headcounts with Seed Funding
With the seed funding, Dynamic plans to hire more hands and ship its platform as it provides wallet-based authentication infrastructure. Dynamic has no more than eight employees, and the seed funding will help the startup increase its headcount. Co-founder Goldberg also revealed that the company is “actively hiring.”
Dynamic will provide wallet-based authentication infrastructure. The co-founders believe that the web2 space will also adopt wallet-based authentication in the near future. Additionally, the startup intends to serve other startups and companies in Web2 and Web3 industries. Its alpha clients currently include Popartcats, Llama, Handstamp and Lunchclub. While the platform will expectedly open to the general public later in the year, it is presently open in closed beta.
According to Goldberg, Dynamic is “Auth0 for web3.” Notably, Auth0 is a top authentication and authorization platform deployed by Web2 developers. With Auth0’s email-based authentication infrastructure, users easily prove their identity using email and password when logging into an app. IT service and management company Okta acquired the authentication and authorization platform in 2021. The acquisition deal closed at $6.5 million.