NEW YORK--(BUSINESS WIRE)--Reown (formerly known as WalletConnect) today announced it has closed a $13 million Series B funding round. Best known as the builders of the WalletConnect Network, Reown is leading the charge in improving onchain UX.
The round was led by USV and 1kx and also included Global Digital Asset Holdings (a joint venture investment vehicle established by SC Ventures and SBI Holdings), Shopify Ventures, Kraken Ventures, Crypto.com Capital, Figment, Kiln, Everstake, BitGo Ventures, and Fenbushi. To date, Reown has raised a total of $38 million from some of the most prominent investors in Web 2 and web3. The company will use the new financing to further develop its onchain UX platform through its SDKs—Reown AppKit and Reown WalletKit.
The rise in traditional financial services offering crypto payments has increased the demand for improved onchain UX. Payment providers aim to decrease friction, abstract blockchain complexities, and remove blockers such as gas fees and seed phrases. Reown’s expertise in onchain UX positions its products as critical solutions where traditional finance, fintech, and decentralized finance overlap. It recently announced Smart Sessions, a feature that addresses the challenge of subscription payments in crypto without relying on escrow accounts. Financial infrastructure platform Stripe and gift card giant Raise leveraged Reown technology earlier this year for seamless crypto solutions.
Jess Houlgrave, CEO of Reown, stated, “The WalletConnect Network has long been the essential bridge connecting wallets, apps, and users. Now, we’re entering the next phase of growth, where the Network will also serve as a bridge to the traditional financial system. As we approach the 'iPhone moment' for crypto, there’s still a pressing need for transformative improvements in onchain user experiences. I’m proud that so many investors from both Web 2 and web3 recognize this potential and have chosen to support Reown’s mission. Together, through our contributions to the WalletConnect Network and our expanding product offerings, we aim to make blockchain technology as seamless and intuitive as possible for everyone."
Used by apps including DeFi giants Jupiter, Drift, and Marinade, Reown AppKit allows developers to onboard millions of users in minutes through tools like embedded wallets, smart accounts, and user-friendly features such as fee sponsorships, swaps, and on-ramps. Recently, AppKit became a multichain solution by adding support first for Solana and then Bitcoin, with plans to expand to more blockchains as demand for improved onchain UX continues to grow. Telegram’s 950 million users also benefit from seamless and intuitive onchain experiences with the recent addition of support for Telegram MiniApps by Reown AppKit.
Albert Wenger, Partner at Union Square Ventures, commented, “The Reown team has consistently demonstrated their expertise in addressing onchain UX challenges, from the WalletConnect Network to AppKit and WalletKit. Their commitment to both builders and consumers is unmatched. We look forward to working alongside Reown to tackle onchain UX.”
Reown WalletKit is the industry-standard toolkit for designing innovative wallet UX. Used by over 600 wallets, including Trust Wallet, OKX Wallet, Binance Web3 Wallet, Bitget Wallet, Crypto.com Onchain, and Fireblocks, it provides tools, libraries, and APIs to streamline the process of connecting wallets to decentralized applications. A major focus of WalletKit is the recently announced “Chain Abstraction Roadmap,” which outlines three phases to drastically improve onchain UX by eliminating chain-swapping and bridging blockers. WalletKit is also focused on gas abstraction, aiming to remove the need for users to understand or manage gas fees.
Lasse Clausen, Founding Partner at 1kx, remarked, “Reown is redefining how individuals and businesses interact with digital assets. As we move toward a world where digital assets are central, ensuring smooth onboarding and ease of use is paramount. We’re proud to support Reown as they continue to shape the future of ownership and connectivity.”
Reown remains a core developer of the WalletConnect Network, which has surpassed over 220 million connections spanning more than 35 million users globally. Today, the network facilitates over 20 million monthly connections for more than 5 million monthly users. The WalletConnect Foundation recently announced the decentralization of the network through the addition of third-party node operators and launched the WalletConnect Token (WCT).
About Reown:
Reown is the onchain UX platform and builder of the WalletConnect Network. Its products, AppKit and WalletKit, are designed for individuals and organizations building onchain products. Reown focuses on combining innovation with reliability and ease of use to enable builders to incorporate Web3-native features into their products, bringing the opportunities of the new internet to their communities.
About the WalletConnect Network:
Developed and launched in 2018 by Reown (formerly WalletConnect), the WalletConnect Network is an open-source protocol that enables secure and seamless connections between apps and wallets, facilitating value flow throughout the onchain industry. Since its launch, it has facilitated over 220 million connections and over 35 million unique active wallets. The WalletConnect Network is rapidly growing, with a 200% expansion in the past year.
As part of its evolution, the WalletConnect Network is becoming a fully decentralized and permissionless network. The WalletConnect Foundation was established to develop the ecosystem, steward the network, and empower the community. WCT, the network’s native token, is used for fees, rewards, staking, and governance.
