Winklevoss Capital, Coinbase Back $1.8 Million Round for Bitski Crypto Wallet

The cryptocurrency ecosystem has contributed to the rise of many tech startups in the last nine years. Several startup founders have proffered excellent solutions to ensure that the industry thrives. A notable example is Bitski, a cryptocurrency startup of which earlier in 2018, they created a crypto wallet that allows developers to add a wallet feature to their applications. This project has received support from various industry stakeholders in the last one year with about 300 applications built on its SDK, which works with virtually all browsers on Android & iOS devices.

According to a recently released statement, the startup announced a seed round of $1.81 million from notable crypto companies, i.e., Winkelvoss Capital. Coinbase Ventures, Galaxy Digital, SV Angel, Bobby Goodlatte, among others. In addition to the money raised in its late-2018 pre-seed funding stage, Bitski has now raised a total of $3.54 million.

When integrated into an application, the Bitski wallet saves users the trouble of opening a new wallet for use. Instead, users can now send/store/receive cryptocurrencies directly with ease.

Popular platforms using the Bitski crypto wallet include The Sandbox, which is a gaming platform, Clementine, Props, a sports betting platform built on the Ethereum blockchain, and YouNow, an American live-broadcasting service available on Android, and iOS apps, etc.

The Sandbox, for instance, is a gaming platform which has an average of 1 million monthly users with over 40 million downloads on App stores. It makes use of Bitski’s multiple tools to reach a wider audience. It is expected to launch in the first quarter of 2020.

There are lots of projects the company is set to embark on with the money raised. According to Donnie Dinch, Bitski’s Co-founder and CEO, he said:

We’re using this money to expand the funnel of people that are building on the blockchain.

He mentioned that the company’s initial focus was on gaming. However, while speaking with Coindesk, he added that

There are a lot of projects out there that are interesting to the core crypto users, but we’re trying to work on things that have broad mainstream appeal.

In a statement, while speaking on the development, Sterling Witzke, a partner at Winklevoss Capital, said:

Bitski’s developer platform allows developers to easily provide their users with a secure and usable wallet, eliminating the friction of customer onboarding that has previously hampered blockchain applications and user adoption. We’re excited for Bitski to help catalyze the next wave of companies integrating blockchain into their products.

Bitski has promised that in the next couple of months, it would keep on building its platform of developer tools. The startup consists of a 4-man team with its headquarters in San Francisco, USA.

Image by mohamed Hassan from Pixabay

Oladokun Opeyemi

Oladokun Opeyemi

Opeyemi Oladokun is a cryptocurrency writer/enthusiast with experience working with various cryptocurrency platforms promoting the Bitcoin financial revolution.

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