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Cross-Chain Wallet Liquality Raises $7M, Eyes Solana, Terra Functionality
The funding round was led by Galaxy Digital and Hashed.
Updated Sep 14, 2021, 1:37 p.m. Published Aug 10, 2021, 2:24 p.m.
Liquality, a crypto wallet company, has raised $7 million in a funding round that was led by venture firm Hashed and financier Mike Novogratz's Galaxy Digital. Other notable investors included venture capital firm Accomplice, Coinbase Ventures and White Star Capital.
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Liquidity is a portfolio company of Brooklyn, N.Y.-based blockchain software company ConsenSys.
Liquality co-founder Simon Lapscher told CoinDesk the funding will be used to build out new functionalities and expand the concept of the wallet to a more developer-focused platform “so that developers can build integrations into the wallet and make it super powerful.”
“The idea is that we are creating this main interface to the decentralized economy," Lapscher added. "As dapps evolve and wallet functionality evolves, our take is that all of the functionality will live inside the wallet and interact with different applications in a super easy and seamless way.”
Creating and building out products that work on different blockchains for customers to manage crypto assets is a burgeoning market as multiple blockchains emerge with usable applications. But as they do, users’ assets can become stranded on networks that don’t talk to each other. To date, porting tokens from the Ethereum blockchain to, say, the Solana blockchain has been difficult.
Read more: A16z Leads $9M Funding Round for Solana’s Phantom Wallet to Go Multi-Chain
Founded in 2018, Liquality is a browser extension wallet very similar to MetaMask. It allows users to manage crypto assets and swap them among dapps on Ethereum, Polygon, Binance Smart Chain, NEAR, Rootstock and other networks.
Lapscher said Liquality will have a number of other functionalities and integrations launching later this year. “We are in the works with Solana currently and with Arbitrum on layer two, and also the Cosmos and the Terra ecosystem which are starting to take off as well,” he said, referring to some blockchain technology products.
In April, Liquality released a feature for users to spend bitcoin and other coins at online crypto merchants without having to manage addresses or QR codes.
Read more: Liquality Adds New 1-Click Pay Feature, Looks Toward Bitcoin DeFi
Liquality co-founder Thessy Mehrain stressed the importance of “unifying blockchain communities within one wallet,” adding that “most, if not all, crypto activity will happen directly through users’ wallets.”
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