Argent raises $40M on its way to Web3 super app
Argent, a Proxy portfolio company since 2018, today announced that it has raised a $40M Series B round to double-down on product development, bringing more DeFi and Web3 features to the self-custody, smart contract wallet super app.
When we originally invested in Argent in 2018, the crypto market was only just starting to take shape. In our mind, there was a clear brand gap for a company that would be simpler, friendlier and safer. This was reflected on the uniquely approachable branding, based on a play on letter A and the Chinese and Japanese symbol for ‘person’.
Fast forward four years, the vision is even more relevant than ever. In the words of Itamar from Argent:
“For crypto to live up to its potential, it needs to break the stranglehold of big exchanges and incumbent wallets. The experience is too scary, expensive and insecure for most people. Argent fixes this.”
The vision has resonated phenomenally. Since announcing the launch of the new Layer 2 account last year, Argent has attracted more than 500,000 users.
Leading the $40M funding round are Fabric Ventures and Metaplanet, as well as a top existing investors, Index Ventures, Creandum, Paradigm and institutional investors Starkware, Jump and Animoca. Proxy participated on the round, following-on the original 2018 investment.
We believe this is just the beginning for the heights Argent can reach as its Web3 super app fixes the wallet experience.