DeFi crypto wallet’s Series A funding round raises $12 million

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Updated on Mar 11, 2020

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DeFi-friendly cryptocurrency wallet, Argent, recently held a Series A funding round which allowed it to raise $12 million.
The funding round was led by Paradigm, and with these $12m, the total amount that Argent had raised since it was founded sits at $16m.
The wallet stands out for its simplicity, and it was developed for the purpose of making crypto less intimidating.

A cryptocurrency wallet that integrates multiple DeFi (decentralized finance) apps, Argent, recently held a Series A funding round. The London-based wallet provider managed to raise quite the amount, which reportedly sits at $12 million.

The round saw the participation by numerous entities, such as Index Ventures, as well as the Compound founder, Robert Leshner, among others. However, the round was undoubtedly led by Paradigm, and this investment represents the company’s first investment in Europe.

Argent is known for supporting DeFi apps such as Compound, Maker, and others, while at the same time, it remains as simple to use as Revolut or Monzo. The company’s co-founder and CEO, Itamar Lesuisse, noted that using it is as simple as using an email, which is one of the goals that the entire crypto sector is aiming towards.

Argent is to be the most user-friendly wallet out there

With the assumption that people are intimidated by crypto due to complexity, Argent decided to cut out all the complexity, and make cryptos available to those yet unfamiliar with them. It should also be noted that Argent is a non-custodial wallet, which means that users will have full control of their own money.

They will also be able to recover the wallet on a new device, should they lose the phone on which their wallet was originally installed. This is possible due to Argent Guardians, according to Lesuisse.

He explained that a Guardian is an account that is created on the Ethereum blockchain. This is what will permit users to recover their wallet — and their funds — should they find themselves in need to do so.

The wallet is currently still in closed beta, but it is expected to see the launch and be available to everyone at some point in April 2020. It was originally founded over two years ago, in December 2017, and so far, it managed to raise a total of $16 million, including the recent funding round.