Blocto Wallet, a cross-chain wallet application and multi-chain Web3 ecosystem, has raised an undisclosed amount in Series A financing round, with investor Mark Cuban and venture capital firm 500 Global involved.
Global character brand IPX (formerly Line Friends) joined Cuban and 500 Global in the investment. Other previous Blocto investors and advisors Kevin Chou of Gen. G Esport, Roham Garegozlou, CEO of Dapper Labs, blockchain gaming giant Animoca Brands, and other notable names.
Blocto’s parent company portto reports user metrics continue to surge despite the extended downturn in the cryptocurrency markets. As of November 2022, Blocto had amassed 1.6 million users, and BloctoBay had become the most popular non-custodial non fungible token (NFT) marketplace on the Flow blockchain.
Blocto's success reflects its commitment to being one of the most influential blockchain companies in the industry, said Tony Wang, a managing partner at 500 Global. The continuous growth of Blocto users in the current environment is indicative of portto's vision and dedication to build towards achieving it, Wang said.
The investment round comes as Blocto aims to make blockchain technology more accessible and promote Web3 mass adoption with its multi-chain wallet and software development kit (SDK). The funds will support the company in its plans to onboard millions of users to crypto.
“Blocto's mission is to democratize access to the opportunities blockchain tech presents by creating simple-yet-powerful products that provide the same great UX across multiple blockchain ecosystems. We're thrilled to have attracted funding from investors that share our vision. With their support, we're better equipped than ever to onboard the next billion users to crypto," said Hsuan Lee, portto's co-founder and chief executive officer (CEO).
Blocto Wallet targets new crypto users
The Blocto Wallet enables users to manage their cryptocurrencies, decentralized applications (dApps), and NFTs all-in-one.
The wallet natively supports the Ethereum, Aptos, Solana, Flow, BNB Chain, Polygon, and Tron blockchains, and the company intends to expand into supporting promising new blockchain networks in the future. When Blocto expanded the wallet to the Aptos ecosystem it quickly became the second largest wallet on the network with more than 400,000 users.
Blocto aims to tackle the typical obstacles that new users who are unfamiliar with blockchain technologies encounter. It has simplified the often-confusing cryptographic key system that facilitates on-chain transactions. It has also designed an intuitive, blockchain-agnostic system for gas fees.
Blocto SDK simplifies onboarding
Blocto's software development kit (SDK) is designed to increase user acquisition in the Web3 ecosystem by strengthening cross-platform expansion. A 95% conversion rate (20x the industry standard), a less-than-30-second email login process, and a freemium model that streamlines gas fees and transactions make the wallet an attractive option for developers.
Edwin Yen, portto's co-founder and chief operating officer said: "Although we can see the full potential of blockchain technology, the main key to mass adoption is an easy user onboarding experience — something that Blocto provides. This is also why big consumer-facing companies such as Yahoo, MotoGP Ignition, and Gogoro all choose Blocto as their exclusive partner to explore the Web3 world."
