Den, a multi-signature wallet provider for teams, has concluded a seed round led by IDEO CoLab Ventures on $2.8m.
Also taking part in the round were Web3 companies like Packy McCormick, Gnosis and Balaji Srinivasan.
According to Benzinga, the company’s application automates multi-signature coordination and enables teams to create complex on-chain transactions.
Den claims that it has helped over 200 on-chain teams secure more than $130 million in assets and transact over $15 million in value.
With the new funding, Den aims to tackle chellenges surrounding on-chain teams, such as user experience issues related to blockchain transaction fees and making it simpler for on-chain teams to trafe assets, generate financial and accounting statements and customise permissions for secure on-chain transactions.
The capital will also contribute to its growing team and expanding its product development to continue solving the problems that hamper on-chain teams.
Den co-founder Ittai Svidler said, “Den is the solution we wanted ourselves as operators inside of on-chain teams—a laser-focused experience that tackles the core problems that cause on-chain teams to move slower than their off-chain counterparts.”
Den co-founder Jonah Erlich added, “We’ve seen on-chain teams replace internally developed tools with Den since it allows them to operate faster and eliminate significant engineering work.
Eko India Financial Services (Eko), a technology-based platform for financial transactions for micro-entrepreneurs, has recently raised $3.6m in Series B funding.
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