Mark Cuban invests in Blocto, a multichain Web3 ecosystem and cross-chain wallet
“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.”
Blocto has closed its Series A funding round at an $80 million valuation, with investments from Mark Cuban, 500 Global & IPX (Line Friends), in order to pursue its mission to simplify blockchain and promote Web3 mass adoption.
The multichain Web3 ecosystem and cross-chain wallet firm aims to simplify blockchain technology for a broader user base and plans to use the raised funds to develop the infrastructure to onboard millions of users to crypto.
Other previous Blocto investors and advisors include Kevin Chou of Gen. G Esport; Roham Garegozlou, CEO of Dapper Labs; blockchain gaming giant Animoca Brands; among other notable names.
The Series A fundraiser was able to attract “shark tank” advisor and investor Mark Cuban and returning investor venture capital firm 500 Global.
According to portto’s user metrics, Blocto has amassed 1.6 million users as of November 2022, with BloctoBay being the most popular non-custodial NFT marketplace on the Flow blockchain.
As part of its chain-agnostic efforts to drive mass adoption across multiple networks, Blocto expanded into the Aptos ecosystem and quickly established itself as the second largest Aptos wallet with more than 400,000 users.
The multichain wallet is already natively supporting the Ethereum, Aptos, Solana, Flow, BNB Chain, Polygon, and Tron networks, but Blocto intends to expand into promising new blockchain ecosystems in the future.
Blocto’s SDK reportedly achieves a 95% conversion rate (20x the industry standard), a less-than-30-second email login process, and a freemium model that simplifies gas fees and transaction.
“Key to mass adoption is an easy user onboarding experience”
Hsuan Lee, co-founder and CEO at portto, commented: “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.”
Tony Wang, a managing partner at 500 Global, added: “In our experience, the best founders continue to build to achieve their vision regardless of market conditions. We believe the continuous growth of Blocto users in the current environment is indicative of portto’s commitment to be one of the most influential blockchain companies in the industry.”
Edwin Yen, co-founder and COO at portto, said: “Blockchain is an attractive emerging market that, similar to the internet back in the ’90s, is here to stay. 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.”