French start-up, Narval, has proudly declared a successful $4m seed round to reinvent web3 wallet use.
Dedicated to the development of a novel solution to aid firms in managing and maximising web3 assets, Narval is poised to create a significant mark in the FinTech landscape.
The company successfully secured its funding from a variety of high-profile investors, led by BlockTower VC. Among those supporting the cause were Narval’s previous backers, Fabric Ventures and Frst Capital. New investors, including a16z through its Crypto Startup School, Cherry Crypto, Motier Ventures, Bpifrance, and angel investors such as Sandeep Nailwal of Polygon, Seb Borget from The Sandbox and Arianee’s Fred Montagnon, also participated in the fundraise.
In essence, Narval is designing a ‘usage platform for web3 wallets.’ This platform simplifies the process of managing an array of digital assets, from cryptocurrencies to Non-Fungible Tokens (NFTs). A notable aspect of their solution is an incredibly granular policy engine that sits on any key storage or custody model, empowering organisations to dictate precisely who can perform what actions with their digital assets.
The freshly secured funding will be employed to hire additional engineers and a designer, to continue work on the platform, and to boost Narval’s marketing efforts, according to CEO Greg Jessner. Jessner, formerly an equity derivatives trading director at BNP Paribas, characterised Narval’s tech as a “simple, functional granular governance layer”.
Notably, Narval is offering the market a fix for some ongoing challenges in the crypto sector. The start-up addressed issues such as personal wallet use for organisational objectives and a baffling array of wallet types as current industry hurdles. Narval’s governance layer, delivered through an API, is designed to provide treasury managers with a secure pathway to navigate Decentralised Finance (DeFi) and NFTs.
“Our key feature is what we call our very granular policy engine that sits on any key storage or custody model and that enables organisations to decide at a very granular level who can do what with digital assets,” Jessner revealed.
Narval has benefitted from previous investments too. It graduated from the incubation programme shared by Fabric Ventures and Frst Capital, named Le Crypto Fellowship, marking a significant milestone in its journey.
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