Blockchain Startup Raises $18 Million Led by Paradigm

Summary:
• Privy is helping brands develop blockchain-native tools for interaction with their customers in a way that is intuitive for everyone.

Privy, a startup focusing on helping brands develop customised blockchain tools, has raised $18 million in a round led by Paradigm. In addition to Paradigm, the Series A round had participation from existing investors such as Sequoia Capital, BlueYard Capital, Archetype, and others. Privy also welcomed Matt Huang, managing partner and co-founder of Paradigm, to its board of directors.

Demystifying crypto for the masses-the Privy way

Privy is on a mission to help brands with tools that they can use to enable their clients to connect to the blockchain on any device or browser. Furthermore, the clients get to choose whether or not to add additional crypto-style services at their discretion.

The company’s strategy is predicated on the idea that good crypto apps need not just serve the crypto enthusiast but also all users. It has intentionally designed its platform to be intuitive enough for both crypto experts and newbies. Using integrated self-custody wallets and wallet connectors, the platform enables users to seamlessly connect their wallets regardless of their level of experience with digital assets.

Privy provides functionality that allows its customers to use the private key control they have over their wallet to go exploring in the wide open crypto ecosystem if they so like. This is all part of Privy’s plan to catalyse the push by Web3 to enter the mainstream market.

The company gives developers the APIs they need to onboard users, securely leverage their off-chain data, and deliver fulfilling user sessions in web3 regardless of the blockchain or wallet they are using. Privy’s SDK enables developers to support authentication flows that speed up the onboarding process for customers by combining wallet connectors with self-custodial embedded wallets.

Privy says it will use the newly raised funds to hire more expert staff and advance the growth, security, and scalability of its identity management system and onboarding toolkit. Evidently, Privy is on the right growth trajectory, considering that it has processed over 10 billion Remote Procedure Call (RPC) requests in the last two months alone, and continues to process millions more every month.