BitKeep said that the recent funding will help the company build a cross-chain decentralized autonomous organization (DAO). It will work on building an infrastructure that will be the major driving force in Metaverse.
On Wednesday, May 18, Singapore-based crypto wallet provider BitKeep announced a $15 million fundraise in its Series A funding round. With this recent funding, the company valuations clocked past $100 million.
BitKeep is a Web3.0 cross-chain wallet and has become an industry leader among its Asian peers in terms of the user base, valuation, and revenue. BitKeep said that the recent funding will help them build a cross-chain decentralized autonomous organization (DAO). In turn, it will help to give ecosystem ownership to wallet users.
Dragonfly Capital was leading the recent Series A funding round along with other participants such as KuCoin Ventures, Foresight Ventures, A&T Capital, SevenX, etc. Some of the other investors included Danhua Capital, Bixin Capital, Matrixpor, YM Capital, and Peak Capital.
Speaking of this development, Dragonfly Capital Partner Mia Deng said:
“BitKeep has survived for a complete cycle in the blockchain industry and prospered. The team behind it gained a deep understanding of crypto wallets through continuous iteration of product and functionality, connecting its users to a lively cross-chain DApp ecosystem”.
BitKeep: Fresh Funding, Wallet Growth and Tapping into Web 3.0
BitKeep has been witnessing strong and solid growth for its Web 3.0 cross-chain wallet. Earlier in March, BitKeep announced that its multi-chain wallet clocked 5 million transaction volumes with over 150,000 daily active users.
“With its comprehensive product, Bitkeep’s next step is to serve a more global user base and is poised to become one of the leading Web3.0 gateways. Dragonfly Capital is proud to be the lead investor in its Series A funding round. Dragonfly Capital is committed and excited to build Web3.0 together with the BitKeep team.”
The latest investment is one of the largest bets by Dragonfly Capital on any wallet company. Previously, it had participated in the $200 million funding round for MetaMask.
In his blog post on Wednesday, BitKeep founder Kevin briefed the different measures his company initiated and how it succeeded over the years. He said that the recent funding will help the company enter “a new stage of development with a ‘cross-chain DAO’ at the core”.
“BitKeep will break the triangle of “shareholders”, “company” and “employees”, empowering each individual wallet user to be the owner of the cross-chain ecosystem. By exploring a new collaboration model, all stakeholders will build BitKeep into a Web3.0 cross-chain and cross-layer protocol – establishing it as the infrastructure and the major driving force of Metaverse,” he added.