Reown: Transforming Crypto User Experience
Crypto has become increasingly mainstream over the past few years, yet it remains an industry laden with jargon, multi-step processes, and clunky interfaces. Enter Reown, a startup formerly known as WalletConnect, which has just raised $13 million in a Series B funding round led by Union Square Ventures and 1kx. Other notable investors include Shopify Ventures, Kraken Ventures, and Crypto.com Capital.
Founded in 2018, Reown aims to help developers create simplified user interfaces for self-custody wallets, allowing users to seamlessly engage in various on-chain activities such as buying NFTs and gaming. As the core maintainer of the open-source WalletConnect network, Reown has integrated over 600 wallets across 50,000 crypto projects and applications, according to CEO Jess Houlgrave.
Key Products
Reown has developed two flagship products: standard developer kits (SDKs) for building crypto wallets and on-chain applications. These kits enable developers to access the WalletConnect network, allowing users to log into any non-custodial wallet within the network, which includes popular options like MetaMask, Binance Web3 Wallet, Coinbase Wallet, and OKX Wallet.
Future Plans
While currently free, Reown is set to introduce a pricing structure in early 2025, offering both free and enterprise versions of their products. The funds raised will be allocated towards research and development, expanding into new blockchains, and enhancing their services.
With these advancements, Reown is poised to tackle the user experience challenges that have long plagued the crypto industry, making it more accessible for everyone.
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