Argent, a UK-based crypto wallet platform, announced on Monday it secured $12 million through its Series A funding round, which was led by Paradigm with participation from Index Ventures, Creandum, and firstminute.
Launched in 2018, Argent claims it built the first crypto wallet with the “simplicity and security” fo the best new bank apps and never holds users’ assets. The platform also noted that users may put their assets to work by earning up to 8% in interest with Maker and Compound. Users may also send money as a message to anyone and anywhere. Speaking about the company’s development, CEO and Co-Founder of Argent, Itamar Lesuisse, stated:
“We started Argent two years ago because we could see that crypto had the potential to be the future of money and the internet. Bypassing banks. Breaking down barriers. Exchanging money as easily as a message. Crypto had some major problems: Seed phrases. Gas. Windows 95 interfaces. It was too complex and too insecure. So we built the first smart wallet. We used smart contracts to provide the ease of use and security of the best new bank apps — without the bank. We removed seed phrases and gas, and introduced daily transfer limits, wallet locking, and one tap integrations with Maker, Compound and Kyber.”
In regards to the investment round, Lesuisse added:
“We went looking for our perfect partner. One that shared our vision for a decentralised future, a focus on creating products that empower people, and an appreciation that while the opportunity is massive, crypto’s in its early days and the road ahead won’t be easy. Paradigm’s outstanding reputation meant they were top of our list. Their investments in decentralised exchange (Uniswap) and Layer 2 (Starkware) show their commitment to creating a new financial system. We’re thrilled to have them on board and know their advice will be invaluable in the years ahead.”
Funds from the investment round will be used to continue the growth and development of Argent’s platform.