Jump Crypto Invests $5 Million in Bitcoin Wallet Xverse

The developer of the eponymous Bitcoin wallet — Xverse — raised $5 million in a seed funding round led by venture firm Jump Crypto.

Participants included RockawayX, Sfermion, Alliance, NGC Ventures and a number of other investors.

Xverse initially supported the first cryptocurrency and allowed creating and operating digital Ordinals artifacts on the Bitcoin blockchain. The wallet is available for mobile devices on iOS, Android, and as a Chrome browser extension.

The funds will be directed to accelerate the development of advanced features in decentralised finance, the integration of Lightning Network and other scaling solutions.

In a comment to The Block, founder and CEO of the Hong Kong-based startup Ken Liao said that he plans to expand the team.

According to him, the project has received a total of $6 million in investments, including a $1 million pre-seed round. Liao added that fundraising continued for several months amid challenging market conditions.

In the second quarter, investments in Web3 startups fell by 76% year-on-year to $1.8 billion.