Based in London, the company behind the portfolio of the same name announced at the end of April that it had raised a series B funding round which had given it raised no less than $40 million. This operation, led by venture capital companies Fabric Ventures and Metaplanet, also benefited from the participation of well-known players in the crypto world, such as Index Ventures, Jump Trading and Paradigm.
As a reminder, Argent offers non-custodial wallets, i.e. wallets to which only the holder of the digital coins has access to his private key.
The funds raised will be used to finance several operations, including an expansion of its activities at the global level but also to develop Web 3 products and an application specially dedicated to decentralized finance (DeFi). ” We are building a single app for everything DeFi and Web3. Games, NFTs, DAOs and many more said Itamar Lesuisse, one of the co-founders of Argent, and also CEO of the company.
Chance of the calendar or major strategic operation?
Let’s say it right away, this fundraising is probably not a coincidence. It comes at a time when Web 3.0 and DeFI projects are on the rise. In a report published in January, the company Electric Capital Developer demonstrated that the year 2021 was memorable for Web3 and DeFi, with a 65% increase in active developers joining the industry. ” Web 3.0 is one of the fastest growing niches in the decentralized technology space underlines this report.
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Tokenization, NFT, decentralization, play-to-earn, interoperability, Dapps… These terms are at the heart of web 3.0. Argent’s $40 million fundraising is ultimately just a pawn move on the huge checkerboard of DeFi-oriented blockchains.
Team building and international development
The funds raised will also be used to recruit new talent in order to be able to meet future challenges, and tackle new markets. First area targeted, Latin America and in particular Mexico. The high inflation that prevails there and the climate of mistrust vis-à-vis local institutions give the company a fertile ground to offer its services.
Again, this decision is probably not entirely innocent. If the President of Mexico, Andrés Manuel Lopez Obrador, had recalled last October that he was opposed to any change in his monetary policy (= accepting cryptocurrencies), more and more voices are rising, among politicians like among entrepreneurs, to push the country to follow in the footsteps of El Salvador. A senator has recently tabled a bill to make Bitcoin (BTC) legal tender. A proposal that will be examined during the year!