Funds Raised by WalletConnect Tops $10 Million Through Sales on LaunchX, CoinList, Echo, and Private Round
WalletConnect, the decentralised bridge between mobile wallets and dApps, has successfully raised a significant amount of funds in its private token sales. The company has managed to secure around $550-590 million since its presale stage, according to available information.
The funds raised will be used to expand WalletConnect's operations, as announced by the WalletConnect Foundation. Pedro Gomes, the founder and director of the Foundation, expressed his excitement for the next chapter in WalletConnect's journey. He also mentioned that the community is growing alongside the scaling of the network.
One of the key areas where the funds will be invested is in ecosystem growth and infrastructure. WalletConnect has recently launched the WalletConnect Token (WCT) on the Solana network via Binance, which enables faster and cheaper token transfers for users. This move suggests a strategic focus on broader accessibility and wallet infrastructure expansion. Binance's support and integration of WCT on multiple chains further underscores this focus.
The strong demand for the WalletConnect Token (WCT) in its private sales underscores the growing need for seamless on-chain connectivity. The token, which boasts a proven product market fit-centric model with real fundamentals, has seen significant demand in its sales.
The WalletConnect Foundation conducted a private sale, raising $1.5 million from long-term supporters and strategic partners. This was followed by an oversubscribed CoinList sale, with $15.5 million committed towards a targeted $4 million. The first tranche raised via Bitget's LaunchX platform also reached its $4 million target within two hours, with 40,000 investors committing over $170 million.
The sale attracted nearly 90,000 participants, further expanding the WalletConnect ecosystem. Notably, a previous airdrop distributed 50 million WCT tokens to 160,000 early adopters.
Regarding the use of the new funds, the WalletConnect Foundation has not disclosed explicit details. However, it is expected that the funds will benefit developers, node operators, and strategic partners, facilitating adoption and engagement as more TradFi and the internet comes on-chain. The Foundation also plans to support ecosystem initiatives and grow its team.
Pedro Gomes, in a recent statement, highlighted that in a crowded space, people are rallying behind real projects with true utility. He emphasised that WalletConnect is one such project, advancing toward full permissionlessness. This underscores the confidence investors have in the project's potential and its role in shaping the future of decentralised connectivity.
- The funds raised by WalletConnect Foundation will be utilized to support developers, node operators, and strategic partners, facilitating adoption and engagement as more TradFi and the internet come on-chain, and also to grow its team.
- The strong demand for the WalletConnect Token (WCT) in its private sales underscores the growing need for seamless on-chain connectivity, with the token seeing significant demand in its sales.
- Binance's support and integration of WCT on multiple chains further underscores WalletConnect's strategic focus on broader accessibility and wallet infrastructure expansion, and this move suggests a focus on faster and cheaper token transfers for users.
