Xverse Raises $5 Million in Seed Funding for Bitcoin Wallet

Xverse, a Bitcoin wallet designed for Web3 applications, has secured $5 million in a seed funding round led by Jump Crypto. Other participants in the round include Franklin Templeton, the Bitcoin Frontier Fund, Old Fashion Research, and strategic angel investors. Xverse’s wallet is available as a Chrome browser extension and mobile app, and it works with networks like Ordinals, Lightning Network, and Stacks that expand Bitcoin’s utility beyond financial transactions. The funding will enable Xverse to develop more advanced features and support emerging areas of decentralized finance (DeFi) and NFTs. Xverse aims to become the go-to wallet for Bitcoin-related applications and plans to power web applications built on top of Bitcoin using protocols like Ordinals or Layer-2s such as Stacks and Lightning.

Key Points:

Xverse, a Bitcoin wallet for Web3 applications, has raised $5 million in a seed funding round.
The funding round was led by Jump Crypto, with participation from Franklin Templeton, the Bitcoin Frontier Fund, Old Fashion Research, and strategic angel investors.
Xverse’s wallet is available as a Chrome browser extension and mobile app.
The wallet works with networks like Ordinals, Lightning Network, and Stacks to expand Bitcoin’s use cases beyond financial transactions.
The funding will be used to develop advanced features and support emerging areas of DeFi and NFTs.

Hot Take:

Xverse’s seed funding round highlights the increasing interest in Bitcoin’s potential for decentralized finance and NFTs. By focusing on enabling web applications built on top of Bitcoin, Xverse aims to tap into the growing demand for innovative use cases beyond traditional financial transactions. With partnerships in the Ordinals space and integration with other Bitcoin-related applications, Xverse is positioning itself as a key player in the Bitcoin ecosystem. The funding will provide the resources needed to further develop their wallet and support the evolving landscape of Web3 applications.