Singapore-based Crypto startup MathWallet has secured $7.8 million in Series A+ financing round led by Alameda Research, which claims to manage over $100 million in digital assets and trade $600 million to $1.5 billion per day.
The new investment also saw participation from well-known industry names, such as Texas-based crypto fund Multicoin Capital.
MathWallet is a multi-platform crypto wallet that supports more than 50 public blockchains and enables storage of Bitcoin and major altcoins like Ethereum, EOS, Tron, and more. It also features cross-chain token exchanges, a multi-chain DApp store and operates nodes for PoS chain.
The company claims to have been profitable since the beginning of 2020 and it has previously raised seed funding from previous rounds of investors that included Fenbushi Capital and Fundamental Labs.
“Having the opportunity to co-invest with Alameda Research in MathWallet enables us to bring onboard strategic partners to their existing strong alliances with important maker players. Together we will support MathWallet’s continuous dedication to innovation,” said Kyle Samani, Founding Partner of Multicoin Capital.
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The fund injection will be used to expand the startup’s operations including doubling down on its head count with the addition of software engineers, and other business roles.
Crypto firms have turned to venture capitalists
MathWallet also plans to build out more decentralized ecosystems connecting Solana, Serum, and Math Global with its signature product, together with other major blockchains.
“We are really excited to be working with Math Global across many adventures. As one of the leading wallets in the space, MathWallet has a ton to bring to the Serum ecosystem,” said Sam Bankman-Fried, Founder and CEO of Alameda Research.
Founded in 2017, Alameda Research supports thousands of crypto products, including major coins and altcoins, as well as their derivatives.
Some of the markets into which Alameda is expanding have already been popular destinations for cryptocurrency and blockchain-related start-ups. Hong Kong and South Korea, for instance, have a domestic licensing process for such firms to become registered providers, including crypto exchanges.
Crypto firms have turned to venture capitalists after ICOs activities, which were once plentiful, came under pressure globally as regulators crack down on many projects for conducting unregistered securities offerings.