Paradigm backs infrastructure Web3 startup Privy in an $18 million round.

The startup Privy, focused on building blockchain tools, closed a Series A financing round of $18 million. It was led by Paradigm.

1/ Hi again!

Today, we’re excited to announce our $18M Series A, led by @paradigm! pic.twitter.com/dfgp4miflD

— Privy (@privy_io) November 21, 2023

Existing investors Sequoia, Blue Yard and Archetype, as well as a number of angel investors, also participated.

Paradigm co-founder and managing partner Matt Huang joined the company’s board of directors.

Privy will allocate the funds to recruiting talent and expanding the developer library.

“We provide wallet connectors and embedded non-custodial solutions with the ability for self-custody. The latter allow activating any user in the app, regardless of whether they have interacted with cryptocurrency before,” the team explained.

According to the release, the startup has collaborated with a number of innovative projects such as Friendtech, Blackbird and Courtyard.

Earlier, former Revolut vice president of growth Hannes Graah, along with former Coinbase and Spotify employees, with the support of Galaxy Digital will launch the Zeal cryptocurrency wallet in Q1 2024.