Rainbow, an Ethereum Web3 Wallet, has raised $18 million from Alexis Ohanian’s Seven Seven Six

The team behind the Rainbow Ethereum wallet says the project has raised $18 million in a Series A funding round led by the venture capital firm Seven Seven Six. New money Rainbow will get after it raised $1.5 million in a seed round will help the company focus on “onboarding the next 100 million users to Web 3.”

A wallet made with Ethereum called Rainbow has raised $18 million.

Rainbow, a non-custodial Ethereum (ETH) wallet that’s available for iOS and Android devices has announced the team has raised $18 million in a Series A investment round. The company that Alexis Ohanian runs, Seven Seven Six, led the financing. This is what the announcement says. During the last year, Ohanian’s Seven Seven Six has paid a lot of attention to blockchain and Web3 startups.

In the middle of December 2021, Seven Seven Six and Polygon announced a $200 million fund to help Web3 social media grow. If you want to know more about Alexis Ohanian, he is best known for co-founding the website Reddit with Steve Huffman and Aaron Swartz. Ohanian invested in a project called Heir Inc., which is a non-fungible token (NFT) project that aims to connect fans of popular athletes with their favorite athletes.

Rainbow, an Ethereum-based wallet, has raised $19.5 million in total. The investment comes after the wallet project raised $1.5 million in a seed round. According to Rainbow, the company has hired 20 new employees and is trying to get more people to use Web3. The Rainbow wallet lets people store and show off NFTs and Ethereum-based tokens, as well as connect to decentralized apps (dapps).

One of the founders of venture capital firm Seven Seven Six, Alexis Ohanian, said in a statement to Bitcoin.com News: “I think Rainbow is the best-designed wallet out there.” They are the leaders in the crypto wallet space because of the skills of their team, how they design, and how their users support them. User experience is so important. Rainbow’s design choices are why they already have a cult following and are still educating and onboarding a lot of new users to Web 3.

There will be a lot of Web3 wallet competitors in 2022, so They plan to make a Swap Aggregator and an extension for your desktop browser.

It comes at a time when there is a lot of competition in the Web3 wallet space, and Metamask is still the leader. There were more than 10 million active users of the Metamask app every month in August 2021, which is a big deal because that’s a lot of people. Metamask and the Ethereum-based wallet Mycrypto will collaborate in the future. Also, Rainbow has to compete with other wallets, like Trust Wallet, Argent and Coinbase Wallet. Coinomi, Guarda Wallet, Coin.com Wallet, and Trust Wallet are some of them.

In 2022, Rainbow plans to add new features, including a “Swap Aggregator” app. Users of Rainbow will also be able to use “Ethereum Profiles” by using the Ethereum Name Service (ENS). There are also plans for a tool kit and a desktop browser extension being worked on by Rainbow’s staff.

In the announcement, Rainbow’s CEO and co-founder said that there is still a lot of unnecessary complexity in the Web3 user experience. Co-founder: “Rainbow has been working on that. We’ve been simplifying where it’s possible and teaching where it’s not,” he told.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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