Bitcoin Wallet Project Xverse Closes $3 Million Seed Round
Bitcoin-centric wallet Xverse, which is optimised for use with Bitcoin native projects, has raised $5 million in seed investment. Jump Crypto was the round’s lead investor, while Franklin Templeton, the Bitcoin Frontier Fund, Old Fashion Research, and a number of strategic angel investors all chipped in as well.
With the completion of this seed round, Xverse has raised a total of $6 million to date. Seed funding for the Hong Kong-based company’s launch began a few months ago and only closed recently. Xverse will use the funds to develop innovative features in emerging market segments. In addition, it intends to hire additional staff to support its growth.
Xverse is reengineering the possibilities in Bitcoin blockchain
Xverse has emerged as a market leader in building Ordinals, a protocol that enables the generation of NFTs on the Bitcoin blockchain through the use of inscription. The Xverse extension for Google Chrome and the Xverse app for iOS and Android both integrate with networks that go beyond simple monetary transactions to expand the utility of Bitcoin, crypto industry’s largest capped coin.
Though it began as a Bitcoin-only wallet, Xverse’s mission has since evolved to focus on supporting Bitcoin-related applications. For instance, Ledger’s hardware wallet now supports Ordinals, allowing users can store Ordinals-based assets, such as BRC-20 tokens. Additionally, the company has formed alliances with NFT marketplace Magic Eden and OKX exchange.
While other wallets, such as MetaMask, have been slow in catering for mobile use, Xverse has paved the way for a better mobile wallet experience by including a mobile browser within the wallet itself. Future plans for Xverse include adding support for the Bitcoin Lightning Network, which enables instant and cheap Bitcoin transactions.