By
Bhushan Akolkar
April 16th, 2024
Rainbow plans to invest the newly brought-in money to establish its features involving the integration of a swap aggregator.
Ethereum wallet Rainbow has recently raised a hefty sum of $18 million in a Series A round of funding. The round was led by Seven Seven Six, the Venture Capital fund established by Reddit co-founder Alexis Ohanian. Previously in the seed-stage round of funding, the crypto startup had raised a total of $1.5 Million.
According to Christian Baroni, Chief Executive Officer and co-founder of Rainbow, there are significant complications revolving web3 user experience and the main motive of the firm is to help ease into the environment by streamlining elements where it is possible. While Baroni acknowledges the fact that there is still a lot to do in this field, he also doesn’t forget to mention that his firm is way ahead of others in the race. Rainbow emphasizes the fact the company is highly particular about the user experience, and this is what sets it apart from the rest.
Similar to MetaMask, a cryptocurrency wallet for interaction with Ethereum Blockchain, users in Rainbow can purchase crypto with fiat and access decentralized applications while investing in digital assets.
Alexis Ohanian, who runs the Seven Seven Six VC fund, claims that the investment was influenced by Rainbow’s fixation on design, which easily convinced his firm to back the startup. The investment had already declared a $500 Million fund specifically for crypto startups at the start of this month.
The other investors in the Series A round included Kevin Durant and Rich Kleiman’s Thirty-Five Ventures, Dom Hofmann’s Bloom Investment Holdings, Nikita Bier, Hyperguap, Uncommon Projects Capital, and Y Combinator.
Rainbow plans to invest the newly brought-in money to establish its features involving the integration of a swap aggregator, which will enable users to avail of the most cost-effective swap and Ethereum profile via the Ethereum Name Service.
In comparison to MetaMask, which presently has over 21 Million monthly active users from 1 Million a year before, Rainbow has an aesthetic that is hard to beat. With rainbow gradient buttons and emojis aplenty, Rainbow is nothing like its contemporaries. While the design is very vibrant, it is not jeopardizing the crypto environment’s intricacies and technicalities.
The goal of the firm is to remove whatever technical gibberish users have to study before getting involved with web3. The target is to make things as convenient and facile as possible. Rainbow’s co-founder Mike Demarais says that the startup wants to become the application on everyone’s home screens. While the firm is still at a nascent stage in the marathon that is the crypto industry, no one can deny its promising strides into getting users onboard. Recently, it also introduced a public beta of the Rainbow application for Android users. Since the startup particularly targets mobile experience where the rival MetaMask lacks, it enjoys a strong possibility of making it big in the industry.