1.2 Million USD Raised by Ethereum-based AlphaWallet

By August 5, 2019Ethereum
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AlphaWallet announced that it has secured $1.2 million in its Pre-Series A funding. The key investors were HashKey, Fenbushi and LongHash.

Officially launched in May of last year, AlphaWallet is a mobile-based company which aims to help people interact with blockchain technology and products. The mobile wallet is based on Ethereum and is available in the Apple App Store and Google Play Store.

Their application supports TokenScript, a framework through which developers can create their own tokens which work across platforms such as iOS and Android, and can be integrated with the developer’s services. It allows developers to create tokens for transactions which can work on mobiles and personal computers, without needing to create a supporting wallet. It also makes interacting with smart contracts functions easier for developers.

With innovations such as this, Alpha Wallet aims at improving how developers and users interact with the Ethereum ecosystem, while also creating a user-friendly mobile wallet.

Their funding was led primarily by HashKey Capital, a Hong-Kong based group which aims at promoting the blockchain industry. They have collaborated with Circle and Ethereum, and according to AlphaWallet, are helpful because “they bring knowledge from their involvement in the industry and what they have learned working with their extensive portfolio companies, and institutional clients.”

The CEO of HashKey Capital, Deng Chao spoke about the importance of improving real-world token utility:

“AlphaWallet team brings deep technical capabilities and tackle the most challenging business problems: real-world token utility. With AlphaWallet’s mobile app and their work in TokenScript, people will be able to do much more than only buying and selling tokens.”

Another funder, Fenbushi Capital, is a China-based venture capital firm that exclusively invests in Blockchain-enabled companies.

Their third sponsor was LongHash, with AlphaWallet participating in their LongHash Hatch program. The founder, James Gong, stated:

“A blockchain wallet needs to be so much more than just a send/receive app. While most wallets are aimed at holding/trading speculative tokens, AlphaWallet is poised to adopt the next wave of users who will have tokens that represent who they are, what they have done and what they can do.”

Now that it has secured first-round funding, AlphaWallet will be working on improving their crypto products with TokenScript, working to “unlock features that will empower users and make it easier for developers to deploy their DApps.”

Officially launched in May of last year, […]

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