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Although the company chose not to disclose its valuation, the founder revealed that it’s significantly higher than at the time when the firm closed its seed round in October of last year.
Unstoppable Finance, a Berlin-based startup, has raised €12.5 million ($12.8 million) in the latest funding round to launch a non-custodial crypto wallet.
The Series A round for Unstoppable Finance was led by private equity firm Lightspeed Venture Partners and saw participation from other investors, including Speedinvest, Rockaway Blockchain Fund, Backed VC, Inflection, Discovery Ventures, Fabric Ventures, and Anagram.
Ultimate, a wallet created by Unstoppable, is designed to draw on the sophisticated user interface of financial applications to lure in retail investors who are interested in cryptocurrencies. Its developers believe that a more user-friendly interface will appeal to a wider audience than crypto-native services like MetaMask and Phantom.
Along with yield-earning protocols, the business also vets the decentralized exchanges it uses to trade tokens. According to the founders of Unstoppable, protocols can be directly accessed in-app, whereas users of existing services must manually connect with the protocols they intend to access.
“What we do is integrate DeFi protocols deeply into the mobile front-end experience,” co-founder of the company, von Wallenberg-Pachaly stated in an interview. “There’s no other wallet that does that.”
According to Lightspeed’s Banafsheh “B” Fathieh, although allowing the user to access vetted protocols could be viewed as adding another intermediary into the DeFi game, there are solutions already in place for people who want to explore the DeFi ecosystem without such supervision.
“This product is for someone who doesn’t necessarily want to go through and read every crypto whitepaper. The vast majority of people who want exposure to the space would really appreciate a technical set of eyes that guarantee safety,” she stated.
Unstoppable Finance was founded in July 2021 by SolarisBank founder Peter Grosskopf, former Soundcloud engineer Omid Aladini, and Maximilian von Wallenberg-Pachaly, the former CEO of the digital assets arm of Börse Stuttgart, Germany’s second-largest stock exchange.
Although the company chose not to disclose its valuation, von Wallenberg-Pachaly revealed that it’s significantly higher than at the time when the firm closed its seed round in October of last year.
He further claimed that the startup’s most recent raise was driven by a desire to expand more quickly with an eye set on the US market, adding that a sizable chunk of those seed funds is still in the bank.
Unstoppable Finance initially launched as an iOS app in European markets using the Solana blockchain but aims to add Ethereum compatibility before releasing an Android version this year. The Solana blockchain was the victim of a hack last week which saw almost 8,000 wallets in its ecosystem exposed.