French Startup Narval Raises $4 Million Seed Round to Build Web3 Wallet Usage Platform
Narval, a French startup, has raised $4 million in a seed round led by BlockTower VC. The company is developing a usage platform for web3 wallets, helping organizations manage and utilize digital assets such as cryptocurrencies and NFTs. Narval’s key feature is its granular policy engine, which allows organizations to determine who can do what with digital assets. The startup plans to hire engineers and a designer with the funding, while continuing to develop the platform and increase marketing efforts. Existing backers Fabric Ventures and Frst Capital participated in the round, along with new investors a16z, Cherry Crypto, Motier Ventures, Bpifrance, and angel investors from Polygon, The Sandbox, and Arianee.
Key Points:
– Narval raises $4 million in a seed round led by BlockTower VC
– Narval is building a usage platform for web3 wallets
– The company’s granular policy engine enables organizations to control access to digital assets
– Existing backers and new investors participated in the round
– Narval plans to hire engineers and a designer and continue developing the platform
Narval’s Governance Layer Aims to Solve Challenges in the Crypto Sector
Narval’s tech addresses some of the challenges faced by the crypto sector. It provides a solution for securely using digital assets, particularly in regards to personal wallet use for organizational purposes and the variety of wallet types available. Narval’s governance layer, in the form of an API, offers treasury managers a more secure way to navigate the decentralized finance (DeFi) and NFT spaces.
Hiring and Platform Development Will Be Focus with Fresh Funding
With the $4 million seed round, Narval plans to expand its team by hiring engineers and a designer. The startup will also continue to develop its usage platform for web3 wallets and increase marketing efforts. The funding comes from a range of investors, including existing backers Fabric Ventures and Frst Capital, as well as new investors such as a16z, Cherry Crypto, Motier Ventures, Bpifrance, and angel investors from Polygon, The Sandbox, and Arianee.
Hot Take
Narval’s seed funding round and its development of a usage platform for web3 wallets are significant steps in addressing the challenges faced by organizations in securely utilizing digital assets. With its granular policy engine and governance layer, Narval aims to provide a solution that offers more control and security in the crypto sector. The involvement of prominent investors and industry experts indicates confidence in Narval’s potential and its ability to shape the future of web3 wallets.
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