Rainbow, an Ethereum wallet, raises $18 million in Series A

The Rainbow startup behind Ethereum wallet has announced it has raised $18 million in a Series A funding round. It was led by venture firm Seven Seven Six, co-founded by Reddit co-founder Alexis Ohanian, The Block reports.

The app lets users buy cryptocurrencies with fiat, interact with dapps and invest in tokens through DEX. The company is oriented toward mobile platforms, placing particular emphasis on wallet interface design for user convenience.

“There is still a lot of unnecessary complexity in the Web 3.0 user interface. Rainbow aims to remove it by simplifying where possible and educating users in other cases. There is a lot of work to do,” said co-founder and CEO Christian Boroni.

Ohanian said that it was the team’s focus on design convinced them to invest in the wallet.

Please help up welcome investment #0038 @rainbowdotme 🌈

Rainbow is the easiest, and most fun introduction to the world of Web3, crypto, and NFTs pic.twitter.com/B5f62BCIdA

— 7️⃣7️⃣6️⃣ (@sevensevensix) February 15, 2022

Among other participants in the round were: Thirty Five Ventures, Bloom Investment Holdings, Hyperguap, Uncommon Projects Capital and Y Combinator.

The raised funds will be directed toward expanding the app’s features, including the integration of a swaps aggregator to offer users the most favorable asset-exchange options.

In January, the developers of the Solana-based crypto wallet Phantom raised $109 million in a Series C funding round.