The cross-chain wallet by Blocto joins other non-custodial wallets to become a widespread alternative to hot, centralized exchange custody after various central exchange scandals in 2022. Although non-custodial wallets require greater responsibility and effort, they are becoming increasingly popular.
This wallet type offers greater security and reduces the risk of third parties misusing or stealing funds. The ease of use makes sending and receiving crypto simple and gives users quicker access to their assets when needed.
In addition, non-custodial wallets allow users to recover lost access to their wallets by utilizing the passphrase associated with the wallet’s private key.
Blocto’s Multichain Wallet
Blocto is a cross-chain wallet application and multichain ecosystem developed by parent company portto. Founded in Taipei in 2019, the company aims to simplify blockchain and Web3, making them accessible to a broader, non-technical user base.
Blocto aims to make blockchain technology accessible to everyone, providing a user-friendly entry point to DeFi, NFTs, GameFi, and Web3. The wallet natively supports the Ethereum (ETH-USD), Aptos, Solana, Flow, BNB Chain, Polygon, and Tron networks, and in the future, Blocto intends to expand into promising new blockchain ecosystems.
Blocto’s Successful Series A Funding Round
The recent investment round participants were made up of global character brand IPX (formerly Line Friends) and returning investor 500 Global, a venture capital firm.
Blocto also attracted other notable investors and advisors, such as Kevin Chou of Gen. G Esport, Roham Garegozlou, CEO of Dapper Labs, and Animoca Brands, a blockchain gaming giant.
Blocto has already established itself as a leading blockchain ecosystem and cross-chain wallet provider. By November 2022, Blocto had already amassed 1.6 million users, with BloctoBay standing out as the leading non-custodial NFT marketplace on the Flow blockchain.
Blocto’s CEO, Hsuan Lee, expressed his enthusiasm for the new funding, saying that Blocto’s mission is to democratize access to blockchain technology and provide simple-yet-powerful products that offer the same excellent user experience across multiple blockchain ecosystems. He claimed that with the support of their new investors, the company is better equipped than ever to onboard the subsequent billion users to crypto.
Tony Wang, a managing partner at 500 Global, commented on the continuous growth of Blocto users in the current environment, saying that it is indicative of portto’s commitment to being one of the most influential blockchain companies in the industry. He added that in his experience, the best founders continue to build to achieve their vision regardless of market conditions.
Blocto’s Mission to Democratize Access to Blockchain Technology
Blocto removes specific friction points industry newcomers encounter, such as the often-confusing cryptographic key system fundamental to transacting with cryptocurrency.
Blocto has designed a more intuitive, user-friendly, chain-agnostic gas fee system that simplifies gas fees and transactions, making it easier for users to get started with blockchain technology. The company’s software development kit (SDK) allows the Web3 ecosystem to strengthen its cross-platform expansion, boosting user acquisition.
With a 95% conversion rate, a less-than-30-second email login process, and a freemium model, integrating with Blocto is an easy win for developers and projects.
Edwin Yen, portto’s co-founder and COO, said that blockchain is an attractive emerging market, much like the internet back in the ’90s, and is here to stay. He added that although the full potential of blockchain technology is visible, the key to mass adoption is an easy user onboarding experience, which Blocto provides.
What to Expect in the Coming Years
In conclusion, Blocto’s successful Series A funding round and previous backing from Mark Cuban indicate the tremendous potential of blockchain technology and its continued growth in popularity. With a mission to democratize access to the opportunities presented by blockchain tech and promote mass adoption of Web3, Blocto aims to make blockchain technology more accessible and user-friendly.
As the world becomes increasingly digitized, it’s becoming clear that blockchain technology will play a crucial role in shaping the future of various industries, including finance, healthcare, and real estate. With companies like Blocto making blockchain technology more accessible, we could see even more innovation and growth in this space in the coming years.
