Blocto Wallet's Valuation Soar By 700% After Series A Investment Round

Twitter icon  •  Published hace 1 año  •  Hassan Maishera

Blocto Wallet’s valuation has reached $80 million, up by 700% following the company’s latest Series A funding round led by Mark Cuban.

Blocto, the multichain Web3 ecosystem and cross-chain wallet, announced on Wednesday, February 22nd, that it had closed its Series A funding round at an $80 million valuation. 

According to the press release shared with Cryptowisser, Blocto’s valuation is now up by 700% following the end of its Series A investment round. The investment round was led by investor Mark Cuban and returning investor venture capital firm 500 Global.

Blocto said the funds would be used to support its development of the necessary infrastructure to onboard millions of users to crypto. The other investors in the recent funding round include IPX (formerly Line Friends). Other previous Blocto investors and advisors include Kevin Chou of Gen. G Esport; Roham Garegozlou, CEO of Dapper Labs, and blockchain gaming giant Animoca Brands, among other notable names. 

Portto, the parent company of Blocto, remains profitable despite the current bear market. According to the company, Blocto had around 1.6 million users as of November 2022. 

BloctoBay is the most popular non-custodial NFT marketplace on the Flow blockchain. After its recent expansion into the Aptos ecosystem — as part of its chain-agnostic efforts to drive mass adoption across multiple networks — Blocto has quickly established itself as the second-largest Aptos wallet with more than 400,000 users. 

While commenting on this latest development, Hsuan Lee, portto's co-founder and CEO, said;

"Blocto's mission is to democratize access to the opportunities blockchain tech presents by creating simple-yet-powerful products that provide the same great UX across multiple blockchain ecosystems. We're thrilled to have attracted funding from investors that share our vision. With their support, we're better equipped than ever to onboard the next billion users to crypto."

Tony Wang, a managing partner at 500 Global, added:

“In our experience, the best founders continue to build to achieve their vision regardless of market conditions. We believe the continuous growth of Blocto users in the current environment is indicative of portto’s commitment to be one of the most influential blockchain companies in the industry.”

According to Blocto, its multichain wallet is designed to make blockchain technology more accessible. Already natively supporting the Ethereum, Aptos, Solana, Flow, BNB Chain, Polygon and Tron networks, Blocto intends to expand into promising new blockchain ecosystems in the future.   

Edwin Yen, portto's co-founder and COO, added that:

"Blockchain is an attractive emerging market that, similar to the internet back in the '90s, is here to stay. Although we can see the full potential of blockchain technology, the main key to mass adoption is an easy user onboarding experience — something that Blocto provides. This is also why big consumer-facing companies such as Yahoo, MotoGP Ignition, and Gogoro all choose Blocto as their exclusive partner to explore the Web3 world."

Blocto seeks to provide a user-friendly entry point to the world of DeFi, NFTs, GameFi and Web3 by removing typical friction points encountered by industry newcomers. 

Blocto’s app simplified the cryptographic key system that is fundamental to transacting with cryptocurrency and replaced it with a more intuitive, chain-agnostic gas fee system. 

Founded in Taipei in 2019, Blocto is a cross-chain wallet application and multi-chain ecosystem developed by parent company portto. The company aims to simplify blockchain and Web3, making them accessible to a broader, non-technical user base.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.