Reown Raises $13 Million in Series B Funding to Advance Onchain UX Solutions

Reown, previously known as WalletConnect, announced today the successful completion of a $13 million Series B funding round. The funding, led by Union Square Ventures (USV) and 1kx, saw participation from a diverse group of investors including Global Digital Asset Holdings (a joint venture by SC Ventures and SBI Holdings), Shopify Ventures, Kraken Ventures, Crypto.com Capital, Figment, and Fenbushi. This brings Reown’s total funding to $38 million, reinforcing its position as a leader in enhancing onchain user experiences (UX).

The company plans to leverage this latest funding to enhance its suite of SDKs—Reown AppKit and Reown WalletKit—designed to simplify blockchain interactions and make decentralized finance (DeFi) more accessible to developers and end-users alike.

Addressing a Growing Demand for Seamless Blockchain Experiences

As traditional financial services increasingly adopt crypto payments, the need for simplified onchain experiences has become critical. Reown has positioned itself as a pivotal player in this space, offering solutions that reduce blockchain complexities like gas fees, seed phrases, and chain-swapping.

Reown CEO Jess Houlgrave highlighted the broader implications of the company’s mission:

“The WalletConnect Network has long been the essential bridge connecting wallets, apps, and users. Now, we’re entering the next phase of growth, where the Network will also serve as a bridge to the traditional financial system. As we approach the ‘iPhone moment’ for crypto, there’s still a pressing need for transformative improvements in onchain user experiences.”

Earlier this year, Reown introduced Smart Sessions, a feature designed to simplify subscription payments in crypto without relying on escrow accounts. Major financial platforms like Stripe and Raise have already adopted this technology, underscoring its potential to bridge the gap between traditional and decentralized finance.

Reown’s Product Suite: Empowering Builders and Users

Reown AppKit
Reown AppKit equips developers with the tools needed to scale blockchain applications efficiently. Features such as embedded wallets, smart accounts, fee sponsorships, and on-ramps enable developers to onboard users quickly while minimizing friction.

AppKit has also expanded its capabilities, recently adding multichain support for Solana and Bitcoin, with plans to integrate additional blockchains. High-profile platforms like Telegram have incorporated AppKit into their MiniApps ecosystem, enhancing blockchain accessibility for its 950 million users.

Reown WalletKit
WalletKit, the company’s toolkit for designing wallet UX, is now utilized by over 600 wallets, including Trust Wallet, Binance Web3 Wallet, and Crypto.com Onchain. WalletKit focuses on streamlining wallet integration with decentralized applications and addressing user pain points like gas fees through its Chain Abstraction Roadmap.

This roadmap outlines a phased approach to eliminating technical blockers such as chain-swapping and bridging, aiming to create a frictionless experience for users navigating blockchain ecosystems.

Albert Wenger, Partner at USV, praised Reown’s impact on the industry:

“Reown’s team has consistently delivered solutions to some of the most challenging issues in onchain UX. Their products not only benefit developers but also create a more user-friendly experience for consumers. We’re excited to continue supporting their mission.”

With this latest funding, Reown aims to solidify its role as a key enabler in the adoption of blockchain technology. By addressing the critical challenges that hinder widespread usability, the company is paving the way for broader adoption of crypto payments and decentralized applications across industries.

As the demand for seamless and intuitive blockchain experiences grows, Reown’s focus on innovation and accessibility positions it to remain at the forefront of this rapidly evolving space.

Thomas Lin
UCW Newswire