Pine Street Labs raises $6m to support wallet management

Pine Street Labs raises $6m to support wallet management

Pine Street Labs, which allows enterprises to manage wallets on any blockchain, has reportedly raised $6m in funding.

The capital injection was led by Polychain Capital, according to a report from Markets Insider. Other backers include Blockchain Capital, Coinbase Ventures, Genesis, CoinList, Figment and BECO Capital.

Pine Street Labs, which was created earlier this year, aims to make it easier for people to manage their wallets. It stated that many enterprise newcomers are left in limbo trying to get things working.

Justin Gregorius, CEO at Pine Street Labs, told Markets Insider, “We’re taking away the wallet engineering pains, the need for wallet engineers thinking in-house, “How do I build a DeFi, staking and NFT transaction on each different chain.’”

The FinTech platform allows enterprises to plug-and-play across 12 different blockchains. Its software uses SDKs to programmatically execute onchain operations, and boasts easy integration to implement wallets into systems.

It also has a number of security measures. These include security isolation, transaction integrity by highlighting tampering immediately, and verifiable builds.

Earlier in the month, the EU has edged closer to creating a crypto regulation after it passed the Markets in Crypto Assets Regulation (MiCA) bill. The legislation hopes to regulate the digital assets space within the union.

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