Crypto wallet Keplrsuccessfully secures a $5M seed financing round, spearheaded by 1Confirmation.
In a significant move for the crypto industry, self-custodial wallet service provider Keplr has secured $5 million in a seed round, setting the stage for its ambitious expansion plans. Founded in 2021, Keplr has quickly established itself as a key player, facilitating the self-custody of over $5 billion worth of assets[1].
Keplr's general partner, Tomaino, commented that the company's products are crucial for a future where the most useful crypto applications want their own chains. The fresh capital will be primarily used to expand the team, particularly in engineering and product development, as the company aims to evolve from a Cosmos-specific wallet to a multichain self-custodial wallet supporting over 300 blockchains[1].
The wallet service already boasts integration with major ecosystems such as Ethereum, Bitcoin, BNB Smart Chain, Avalanche, and Starknet, enabling seamless staking, governance, cross-chain swaps, and DeFi interactions across diverse protocols without the need to switch wallets[1].
Keplr integrated with Starknet last October, marking a departure from EVM-compatible ecosystems. The company has no plans to launch a token, according to co-founder Josh Lee[1].
The fundraising round was closed at a valuation of $50 million and was led by 1Confirmation. Coinbase Ventures, HashKey Capital, Chorus One Ventures, Skip Protocol, Binary Builders, and others also participated[1].
In line with its growth and expansion, Keplr has expanded its service to include EVM-compatible networks. The company's service is built on the Cosmos chain[1].
Looking ahead, Keplr's future plans include deepening support for emerging Layer 1 (L1) and Layer 2 (L2) solutions such as Starknet, blending Inter-Blockchain Communication (IBC) from Cosmos with zk-rollup environments[1]. The company also aims to enhance its all-in-one portfolio dashboard to consolidate token balances, staking positions, NFTs, validator activities, and governance rights, serving as a hub for active DeFi and governance users[1].
Maintaining strict non-custodial security remains a priority, with Ledger hardware wallet integration for private key management[1]. Despite its initial valuation of around $50 million, Keplr has expanded significantly beyond the Cosmos ecosystem, positioning itself to compete with wallets backed by larger treasury incentives[2].
The information about Keplr's growth and expansion was reported by The Block[3]. As of now, Keplr claims to be the largest Cosmos chain-based wallet with over 2 million users[1]. The company is committed to improving user experience and expanding support for both EVM and non-EVM chains.
In summary, Keplr is pursuing a strategy of multichain expansion, deep interoperability, and an enriched user experience while maintaining its core self-custodial security, preparing for a future where cross-chain DeFi and governance are seamless and user-friendly[1][2].
[1] The Block, Keplr raises $5 million to expand its multichain self-custodial crypto wallet. (2022). https://www.theblockcrypto.com/linked/112878/keplr-raises-5-million-to-expand-its-multichain-self-custodial-crypto-wallet [2] The Block, Cosmos ecosystem: Competitive landscape and key players. (2021). https://www.theblockcrypto.com/data/cosmos-ecosystem [3] The Block, Keplr raises $5 million to expand its multichain self-custodial crypto wallet. (2022). https://www.theblockcrypto.com/linked/112878/keplr-raises-5-million-to-expand-its-multichain-self-custodial-crypto-wallet
- The fresh capital secured by Keplr will be instrumental in expanding its team, particularly in the areas of engineering and product development, as they aim to transform from a Cosmos-specific wallet to a multichain self-custodial wallet supporting over 300 blockchains.
- Keplr's future plans involve deepening support for emerging Layer 1 (L1) and Layer 2 (L2) solutions such as Starknet, blending Inter-Blockchain Communication (IBC) from Cosmos with zk-rollup environments, while maintaining its commitment to self-custodial security.
