Jump Crypto Leads $5 Million Seed Round in Bitcoin Wallet Xverse

By André Beganski

Xverse, a Bitcoin wallet designed to work with projects native to the coin, announced on Thursday a seed funding round of $5 million led by Jump Crypto.

Other participants in the round included Franklin Templeton, the Bitcoin Frontier Fund, Old Fashion Research, and several strategic angel investors, Xverse told Decrypt in a written statement.

Xverse’s wallet, which is available as a Chrome browser extension and mobile app, is billed as a “Bitcoin wallet for Web3.”
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It works with networks that push crypto’s largest coin beyond a pure focus on financial transactions like Ordinals, Lighting Network, and Stacks.

The company sees Bitcoin as a growing frontier for decentralized finance (DeFi) and NFTs, which have become established staples of Ethereum over the past few years.

The funding will help Xverse pursue more advanced features in emerging areas, company founder and CEO Ken Liao told Decrypt.

“We want to power all kinds of web applications built on top of Bitcoin, whether that’s through Ordinals or Layer-2s like Stacks and Lightning,” he said. “If we see something that’s promising and can bring a lot of utility, we are into supporting that as well.”

Ordinals, a protocol that allows for the creation of NFT-like assets on Bitcoin by attaching data to individual satoshi (equal to 1/1,000,000 of a whole Bitcoin), has been a boon to Xverse, Liao said. It gave the firm a shot in the arm and room to grow, he said.

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