Particle Network Raises $7 mn
Particle Network has raised $7 million to build a middleware platform to support web3 developers.
ABCDE led the seed funding round, which also included Animoca, Longhash Ventures, GSR Ventures, Hashkey, and OP Crypto, according to the company. It previously raised $1.8 million in a pre-seed funding round in April of last year, with LongHash Ventures and Insignia Ventures participating.
The core product of the startup, which was founded early last year, is a login and wallet middleware solution that assists developers in integrating a user-friendly web3 authentication solution into their decentralised applications. According to Pengyu Wang, founder of Particle Network, the tool allows users to log in using existing crypto wallets or by using a phone number or social media account, which will automatically create an on-chain noncustodial wallet.
The funds from the raise will be used to further improve its security offerings and expand the team, which currently sits at a headcount of around 25.
(With inputs from Shikha Singh)
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