The startup behind the Rainbow Ethereum wallet has announced it has raised $18 million in Series A funding, led by Reddit co-founder Alexis Ohanian’s Seven Seven Six venture capital firm, The Block reports.
The app allows users to buy cryptocurrencies with fiat, interact with dapps, and invest in tokens via DEX. The company focuses on mobile platforms, paying special attention to the design of the wallet interface for the convenience of users.
“There is still a lot of unnecessary complexity in the Web 3.0 user interface. Rainbow aims to get rid of this by simplifying where possible and teaching in other cases. There is a lot of work here,” said co-founder and CEO Christian Boroni.
Other participants in the round include Thirty Five Ventures, Bloom Investment Holdings, Hyperguap, Uncommon Projects Capital and Y Combinator.
Raised funds will be used by Rainbow to expand the functions of the application, including the integration of a swap aggregator to provide users with the most profitable options for exchanging assets.
Recall that in January, the developers of the Solana-based Phantom crypto wallet raised $109 million during the Series C funding round.
