July 16, 2024
Privy has secured a strategic investment from Coinbase Ventures. The belief at Privy is that for many users, their initial encounter with crypto will be through unique, engaging app experiences built on crypto infrastructure.
Project | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|
Privy | July 16, 2024 | Strategic Funding | Coinbase Ventures | Web3 |
Over the past year and a half, Privy has been working in close collaboration with several product teams across Coinbase. Together, they assist developers in building superior products onchain. This includes helping developers build on Base, fund their users’ accounts, set up Coinbase Smart Wallets, leverage Magic Spend and more! With this investment, there is excitement about deepening the partnership.
The collaboration with Coinbase started with the first Onchain Summer a year ago when the first apps leveraging Privy and Base were launched. That summer saw the first consumer breakouts with apps like Friend.Tech and Blackbird going live and the first hints of what scale might look like building on crypto rails.
About Privy
Privy is a platform dedicated to onboarding all users to Web3. It has successfully onboarded over 3 million users across hundreds of deployments. Privy’s mission is to get more users to products faster, regardless of who they are.
Privy provides a simple library to onboard all users to a Web3 product, whether they are newcomers or experts. It offers embedded wallets for users who sign in with email or social, allows users to link as many external wallets as they would like, and has onboarded millions of users, securing assets across hundreds of deployments.
Website: https://www.privy.io/
About Investor
Investor: Coinbase Ventures
Coinbase Ventures provides financing to startups that show promise in moving the crypto and web3 space forward in a positive, meaningful way. The fund has been involved in numerous funding rounds, supporting a variety of projects in the crypto and blockchain space. These include Solana-based multisig protocol Squads, yield-bearing stablecoin issuer Mountain Protocol, Latin American Stablecoin-Powered SuperApp El Dorado, social protocols technology stack builder Neynar, parallelized confidential computing network Arcium, and Ethereum’s decentralization propeller Puffer Finance. Coinbase Ventures’ portfolio is diverse, reflecting its commitment to advancing the crypto and web3 ecosystem.
Location: San Francisco, California
Website: https://www.coinbase.com/ventures
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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