Sunday, September 25, 2022
  • The London-based company wants to make it easier for users to manage its non-custodial wallet offering
  • Part of the funds will be invested in initiatives related to DeFi and Web3
  • According to one of the co-founders, the company intends to address the scalability problem of its wallets

Argent, the company behind the eponymous smart wallet, announced on Thursday that it has completed a Series B funding round in which it raised $40 million. Two VC firms, Fabric Ventures and Metaplanet, led the fundraising, which was also attended by Index Ventures, Creandum and Paradigm.

Animoca Brands, Jump Crypto and Starkware (creators of the competing Ethereum scaling solution StarkNet) were represented in strategic functions. It is noteworthy that StarkNet is the host of Argent’s wallet – Argent X. This explains the strategic cooperation.

Expansion and development goals

The company will use a fraction of the funds to expand its geographical reach and advance its product. Argent’s non-custodial crypto wallet is one of the outstanding options in this area. The wallet allows users to securely store and transfer their crypto assets without using the traditional approach that requires them to remember their seed phrase.

At the top of Argent’s list of new markets is Latin America – a region in which the company is seeing growing interest. Expansion in this potentially rewarding hub will begin with Mexico. As part of its plans, Argent will also actively explore partnership opportunities, especially in the niche of payment transactions, as well as fiat entrances and exits.

The company will hire experts to fill positions in various departments, including legal, financial and treasury management. It will also invest in research by building a team dedicated to layer 2 protocols.

In addition to geographical destinations, Argent also wants to improve its offer.

“We solved the problem of security in non-custodial crypto wallets by comparing ease of use with security to create a user-friendly product. Now let’s focus on scalability. We have spent a lot of time building our layer 2 product since we started using Argent as a super app with thousands of use casessee”, said one of the co-founders, Itamar Lesuisse.

In particular, the London-based company wants to develop an all-encompassing application that supports DeFi and Web 3 and NFTs.

“For every industry, we can build a team that researches and develops solutions. We want the wallet to be the entry point for how you discover this world“, said Lesuisse.

Lesuisse, who also acts as CEO, specifically pointed out that Argent plans to be the “de facto wallet for games”. Argent’s wallet currently allows users to hold certain NFTs by leveraging connections to NFT trading platforms.