Crypto wallet Rainbow has raised $18 million in Series A funding. Alexis Ohanian’s Seven Seven Six led the round.
NEW YORK – February 15, 2022 – Rainbow, a leading Ethereum wallet used for interacting with web3, DeFi and NFTs, today announced $18 million in Series A funding led by Alexis Ohanian’s Seven Seven Six. Today’s announcement follows a $1.5 million seed round, bringing the total investment in the company to $19.5 million. Since the Series A closed in October 2021, the company has hired over 20 new employees, assembling an “all-star” team focused on onboarding the next 100 million users to web3.
Rainbow’s core product is a non-custodial Ethereum wallet (available on iOS and Android) that is rooted in thoughtful design and provides users with a fun, simple and secure key to exploring the exciting new world of web3. With Rainbow, users can seamlessly buy crypto with fiat, connect to decentralized applications (dApps), invest in tokens through Decentralized Exchanges (DEXs) and manage and showcase Non-Fungible Tokens (NFTs). As a non-custodial Ethereum wallet, in contrast to a centralized crypto exchange, Rainbow allows users to be in total control of their assets. This means users can instantly send, receive, and trade assets from their crypto wallet whenever they want without having to trust a financial institution with their funds.
As part of their recent growth, Rainbow has aggressively scaled their Android development efforts and launched a public beta of their much anticipated Android app, bringing Rainbow’s meticulously designed wallet experience to many more potential users.
Rainbow’s leaders are deeply committed to supporting the future of web3 and decentralization by making the magic of blockchain easy to understand and use for regular people. Co-founders Christian Baroni, Jin Chung, and Mike Demarais designed and built a wallet app that makes Ethereum accessible to newcomers and power users alike.
In contrast to other crypto wallets, Rainbow embraces user-experience design above all else. According to Christian Baroni, Rainbow’s CEO and Co-founder, ”There’s still a lot of unnecessary complexity in the web3 user experience. Rainbow’s been focused on chipping away at that, simplifying where it’s possible to and educating where it’s not. There’s a lot of work to do, but Rainbow is headed far beyond where wallets are now. What we’re building towards is an internet where people have the option of truly owning their digital assets and their data, and can carry it between apps and even wallets. We care deeply about enabling the direct use of technologies like Ethereum, and as the infrastructure matures, we think it’s primarily great design and careful product making that’ll drive broader adoption of wallets, and thus web3.”
With Rainbow, users can take advantage of the best NFT support of any wallet, access to a growing network of Ethereum Layer 2s such as Optimism, Arbitrum and Polygon (viewable in single wallet – distinct from competitors who rely on dropdown menus that siloe each network), and the ability to buy, trade and swap assets directly in the app. In 2022, Rainbow plans to build and integrate a number of new features, including a “Swap Aggregator,” which aggregates numerous exchanges to ensure users get the best possible price on their trades, and Ethereum Profiles that will allow users to craft and share their web3 identities in a decentralized way using the Ethereum Name Service (ENS). Outside of the mobile app, Rainbow is also building a desktop browser extension and a wallet-agnostic developer toolkit for connecting wallets and dApps called RainbowKit.
“Many crypto users, myself included, regard Rainbow as the best designed wallet. The talent of their team, their approach to design and the advocacy of their users position them as leaders in the crypto wallet space,” said Alexis Ohanian, Founder, Seven Seven Six. “User experience matters so much — Rainbow design choices are the reason they’ve already built a cult following and continue to educate and onboard scores of new users to Web3.”
Rainbow is a fun, simple, and secure way to get started with crypto and explore the new world of Ethereum. You can use Rainbow to purchase, manage, and display Ethereum-based assets. Rainbow allows you to be in total control of your money. Unlike a crypto exchange, Rainbow doesn’t hold your assets on your behalf. You own them directly thanks to the power of cryptography and the Ethereum blockchain. To learn more, please visit: https://rainbow.me/