Ottr, a new Web3 mobile app that makes holding crypto simplier and more secure, has raised $3.1m in pre-seed funding.
The round was led by Race Capital and saw participation from Kamal Ravikant, Slow Ventures and Circle Ventures.
Through the Ottr platform, millions of users globally can instantly send USDC for free without going through the complicated steps of setting up their self-custody wallet and storing seed phrases.
Ottr said it will use the proceeds from the round to expand to over 100 countries globally with the mission of making crypto more seamless and less intimidating for users worldwide.
Ottr CEO Aleksei Zakharov said, “I saw first-hand the challenges of onboarding new users to crypto wallets. It is just too expensive and complicated. No one should have to worry about jumping through multiple hurdles and the anxiety of potentially losing their funds ever again. I truly believe we are building a Venmo-like experience for Crypto.”
Next, Ottr will offer more sustainable yield products. Beyond this, the company plans to add more financial offerings to become the decentralised finance super app for their users.
In November, Ottr will release limited Ottr NFTs that users can display as their wallet profiles. Sneak peeks will be coming on the Ottr Twitter soon.
Bags, a small business loan discovery and management platform, recently closed a seed funding round on $3m.
The round was headed by Slauson & Co with participation from Connecticut Innovations and Schultz Family Foundation’s Entrepreneurs Equity Fund.
This funding follows on from previous investments from Altrinsic Global Advisors as well as a range of other angel investors.
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