Narval raises $4 million in seed round led by BlockTower VC and other investors.

Narval announced a $4 million seed round led by BlockTower VC.

Among other investors were a16z, Fabric Ventures, Bpifrance, Cherry Crypto, Motier Ventures and Frst Capital.

According to Narval’s CEO Gregory Jessner, the funds will be used to hire engineers and designers, as well as for marketing objectives.

The startup offers a tool for managing Web3-wallets. With it, Narval aims to provide organisations with a secure way to interact with cryptocurrency.

“Our key feature is a detailed mechanism that works with any storage model and allows firms at a very granular level to decide who and what can be done with digital assets,” said Gregory Jessner.

In 2022, investments in bitcoin startups outpaced the rest of the Web3 sector, according to a report by Trammell Venture Partners.

The volume of venture deals in the crypto industry fell by 71%, while in the first quarter investors invested in crypto startups $2.6 billion.