Blocto, a blockchain wallet and multichain Web3 environment, recently revealed the completion of its Series A investment round, which garnered $80 million and increased the company's valuation by 700%.  

Worldwide character brand IPX joined the round along with businessman and advisor Mark Cuban and returning investor venture capital firm 500 Global. Other former Blocto investors and consultants include Kevin Chou of Gen. G Esport, Roham Garegozlou, CEO of Dapper Labs, and blockchain gaming giant Animoca Brands.

History of Blocto

Blocto, which was introduced in 2019 by parent firm Portto, promises to make blockchain and Web3 apps like gaming, NFTs, and DeFi more approachable to a large, non-technical user audience. The money will be used by Blocto to build the infrastructure needed to attract more people to cryptocurrency.

Transactions may be completed easily for both technical and non-technical users due to the multichain Blocto wallet, which supports the Ethereum, Aptos, Solana, Flow, BNB Chain, Polygon, and Tron networks. Web3 developers can take advantage of tried-and-true Web2 marketing techniques at a lower cost per user acquisition due to features like email logins. The wallet will eventually be expanded by Blocto to new blockchain ecosystems.

Is Blocto Driving Crypto Adoption?

Blocto recently widened its reach into the Aptos ecosystem as part of its initiatives to promote widespread adoption across several blockchains. With over 400,000 users, it has quickly grown to become the second-largest Aptos wallet.

Blocto had 1.6 million members as of November 2022, and BloctoBay has grown to be the most well-liked non-custodial NFT market on the Flow blockchain.

It is worth highlighting that Blocto wants to eliminate the common friction points that brand-new customers who aren't familiar with blockchain and cryptocurrency run with. It has devised a more user-friendly, blockchain-independent gas, or processing, fee scheme and streamlined the frequently complex cryptographic key mechanism that underlies cryptocurrency transactions.

Through improved cross-platform expansion, Blocto's software development kit (SDK) aims to boost user acquisition. Furthermore, Blocto claims to provide developers with a 95% conversion rate, a shorter than 30-second email signup process, and a freemium model that makes gas payments and transactions simpler.

The Bottom Line

The ongoing expansion of Blocto users in the current climate demonstrates Portto's dedication to breaking new ground in the Web3 ecosystem and promoting the acceptance of cryptocurrencies.

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