Key Takeaways
- Webacy closed $4 million seed round, led by gmjp, to support its mission of making web3 safer.
- The round included Gary Vaynerchuk, AJ Vaynerchuk, Mozilla Ventures, Soma Capital, DG Daiwa Ventures, and others.
- Webacy’s Safety Suite of products, which includes Wallet Watch, Backup Wallet, Panic Button, and Crypto Will, is now publicly available.
- The products allow users to protect their self-custodied digital assets without requiring custody or storage of keys.
The growth of the web3 space, which is powered by blockchain and decentralized systems, has led to an increase in the need for secure and safe solutions to protect digital assets. Webacy, a company focused on building comprehensive and easy-to-use products to help people protect their self-custodied digital assets, has raised $4 million in a seed funding round.
The round was led by gmjp, and included other prominent investors such as Gary Vaynerchuk, AJ Vaynerchuk, Mozilla Ventures, Soma Capital, DG Daiwa Ventures, Quantstamp, CEAS Investments, Dreamers VC, and MIRAISE.
Louis Kang, Partner at gmjp, said: “We’re excited to back incredible founders building important companies that solve important problems in the world today in web3. Digital assets are going to become more pervasive as part of our daily lives. Ownership is one element, but protection is just as important. We’re excited to invest in Webacy and to bring this enhanced digital safety to the masses.”
The seed round coincided with the public launch of Webacy’s Safety Suite, which includes Wallet Watch (real-time wallet monitoring), Backup Wallet (for loss of access, keys, or phrases), Panic Button (to bulk send assets to a safe house wallet in case of an exploit or hack), and Crypto Will (to ensure assets are in the hands of beneficiaries and loved ones in the event of death).
The Safety Suite enables consumers to protect multiple wallets and any type of Ethereum asset. Wallet Watch is available for free for a limited time, while Panic Button, Backup Wallet, and Crypto Will are covered by a subscription plan. Holders of the company’s access pass NFT, Grimmies, get yearly access with a certain number of assets that can be protected.
Webacy has announced partnerships with multiple companies, NFT projects, and DAOs to help bring their product to a blockchain-native audience. Communities such as TokenAcademy 333, MetaverseHQ, VaynerSports Pass, DeGen Sports, Rug Radio, Unstoppable Domains, and Ninjalerts have access to Webacy.
The company’s first wallet partnership is with Arculus (NASDAQ:CMPO), a leading hardware wallet, with similar pricing and membership access privileges.
With billions of dollars worth of crypto being stolen and misplaced in 2022, it is clear that the importance of safety and protection in the web3 space cannot be overstated. The current decentralized landscape requires users to take full control of their assets, which means that safeguarding digital assets is no longer a choice but a necessity. The recent spate of hacking and security breaches serves as a reminder of the dangers of leaving digital assets vulnerable.
Webacy CEO and founder, Maika Isogawa, said: “To welcome the next billion users to web3, we’ll need a safe environment that allows everyone to transact and own assets with the power to protect themselves. We’re creating a safer web3 for everyone.”
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