Digital wallet startup Argent has secured a $ 12 million (£ 9.2 million) Series A round led by Paradigm, a cryptocurrency-focused fund.
Paradigm has now joined Compound founder Robert Leshner, Silicon Valley investment institutions Index Ventures, Creandum and Firstminute Capital (they also participated in this round), becoming Argent's latest supporters. This round of A financing also marks Paradigm's first investment in Europe.
Paradigm is a former employee of Matt Huang, a former partner of the unicorn investment agency Sequoia Capital, Fred Ehrsam, a co-founder of Coinbase, and a former employee of cryptocurrency fund Pantera Capital Created by Charles Noyes.
Argent, a smart wallet, allows users to store, transmit and receive cryptocurrencies and decentralized applications with the same availability and security as traditional banking applications. Argent said it will use the funds to expand its teams at its London headquarters and global offices.
Argent Chief Founder and Co-Founder Itamar Lesuisse said:
"This is an important step in our mission to help people control and benefit from their digital assets and identities. Cryptocurrencies are unfamiliar to many, and we remove all complexity and build a mobile as simple as Monzo or Revolut Wallet, although the process is not so simple. "
Paradigm partner Matt Huang, a former partner of Sequoia Capital, will join Argent's board of directors as part of this financing agreement.
"Argent has systematically addressed some of the biggest usability and security issues in the cryptocurrency industry. Their team combines cryptographic expertise and experience to extend mobile applications to tens of millions of users. We are excited to work with them Because they will help mainstream cryptocurrencies in the coming years. "
Compound founder Robert Leshner said of Argent:
"I don't know what its revenue model is, but we know it will attract a lot of users. They are creating one of the smoothest ramps for DeFi [Decentralized Finance] products."
Since launching in December 2017, Argent, a London-based company, has now raised $ 16 million, following a $ 4 million seed round in 2018.
Lesuisse and his co-founder Gerald Goldstein previously co-founded Peak, a brain training app.
Argent said that in the past six months, the number of users who open Argent's digital asset wallet (with assets) has increased by 330%, and the dollar value of its wallet assets has increased by 580%.