Mark Cuban-backed Blocto raises Series A funding round at $80 million valuation, valuation up 700%
Blocto Wallet is making waves again just three months after the Mark Cuban-backed startup launched a $3 million Aptos Ecosystem Fund to help projects onboard new users to Aptos. Blocto, the multichain Web3 ecosystem and cross-chain wallet, saw its valuation up 700% following Series A funding from its backer Mark Cuban, and others.
In an announcement today, Blocto announced it has closed its Series A funding round at an $80 million valuation. Joining Blocto on its mission to simplify blockchain technology for a broader user base are advisor and investor Mark Cuban and returning investor venture capital firm 500 Global. The funds raised will support Blocto as it develops the infrastructure to onboard millions of users to crypto.
Joining Cuban and 500 Global is global character brand IPX (formerly Line Friends). Other previous Blocto investors and advisors include Kevin Chou of Gen. G Esport; Roham Garegozlou, CEO of Dapper Labs; blockchain gaming giant Animoca Brands; among other notable names.
Despite the lull in the crypto markets, portto remains profitable and user metrics continue to surge. As of November 2022, Blocto has amassed 1.6 million users, and BloctoBay is the most popular non-custodial NFT marketplace on the Flow blockchain. After its recent expansion into the Aptos ecosystem — as part of its chain-agnostic efforts to drive mass adoption across multiple networks — Blocto has quickly established itself as the second largest Aptos wallet with more than 400,000 users.
Hsuan Lee, portto’s co-founder and CEO, commented on the Series A raise: “Blocto’s mission is to democratize access to the opportunities blockchain tech presents by creating simple-yet-powerful products that provide the same great UX across multiple blockchain ecosystems. We’re thrilled to have attracted funding from investors that share our vision. With their support, we’re better equipped than ever to onboard the next billion users to crypto.”
Tony Wang, a managing partner at 500 Global, added: “In our experience, the best founders continue to build to achieve their vision regardless of market conditions. We believe the continuous growth of Blocto users in the current environment is indicative of portto’s commitment to be one of the most influential blockchain companies in the industry.”
Blocto’s multichain wallet aims to make blockchain technology more accessible. Already natively supporting the Ethereum, Aptos, Solana, Flow, BNB Chain, Polygon and Tron networks, Blocto intends to expand into promising new blockchain ecosystems in the future.
Providing a user-friendly entry point to the world of DeFi, NFTs, GameFi and Web3, Blocto removes typical friction points encountered by industry newcomers. The application has simplified the often-confusing cryptographic key system that is fundamental to transacting with cryptocurrency and designed a more intuitive, chain-agnostic gas fee system.
With Blocto’s SDK, the Web3 ecosystem strengthens its cross-platform expansion, boosting user acquisition. A 95% conversion rate (20x the industry standard), a less-than-30-second email login process, and a freemium model that simplifies gas fees and transactions all make integrating with Blocto an easy win for developers and projects.
Edwin Yen, portto’s co-founder and COO, said:”Blockchain is an attractive emerging market that, similar to the internet back in the ’90s, is here to stay. Although we can see the full potential of blockchain technology, the main key to mass adoption is an easy user onboarding experience — something that Blocto provides. This is also why big consumer-facing companies such as Yahoo, MotoGP Ignition, and Gogoro all choose Blocto as their exclusive partner to explore the Web3 world.”
Founded in Taipei in 2019, Blocto and its parent company portto aim to further blockchain adoption by eliminating common newcomer pain points for users, developers, and marketers. User experience and dedication to lowering entry barriers are at the heart of Blocto’s mission. As such, Blocto was among the first to champion email logins, universal gas fees, and other innovative UX improvements, significantly reducing overall user acquisition costs.