UK Web3 Infrastructure Firm Pimlico Secures $4.2M in Seed Financing
UK-based web3 infrastructure company Pimlico has successfully raised $4.2 million in a seed financing round, with a16z crypto leading the investment. The company plans to utilize the funding to scale up its operations.
Pimlico’s Mission to Enhance Ethereum through Smart Accounts
Pimlico’s primary objective is to enhance Ethereum through the implementation of smart accounts using ERC-4337, a token standard that enables account abstraction. This initiative aims to simplify the use of Ethereum and introduce new methods for executing transactions on the network.
In a recent statement, Pimlico CEO Kristoff Gazso emphasized the advantages of smart accounts, including gas sponsorship, gas payments with ERC-20 tokens, improved account recovery, spending thresholds, and enhanced security features such as FaceID or passkey verification.
Previous Funding and Future Goals
Prior to this seed round, Pimlico secured $1.6 million in pre-seed funding led by 1confirmation, along with support from Safe, Consensys, and other notable investors. Gazso expressed confidence in Ethereum’s potential and emphasized Pimlico’s commitment to simplifying its usage through innovative infrastructure.
Hot Take: Pimlico’s Innovative Approach to Simplifying Ethereum Usage
Pimlico’s successful seed financing round underscores the growing interest in enhancing Ethereum’s capabilities. By focusing on smart accounts and leveraging token standards like ERC-4337, Pimlico is poised to play a pivotal role in streamlining Ethereum usage and expanding its functionality for users worldwide.
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