The Series A was co-led by Solana Ventures and Jump Crypto.
Slope Finance, the startup behind a digital wallet for the Solana blockchain, has closed an $8 million Series A funding round co-led by Solana Ventures and Jump Crypto.
Slope management told CoinDesk the funds will help expand the team in the U.S., where Slope launched its first office last month, and for user-acquisition efforts.
Other backers included Sequoia China, Genesis Trading, CMS Holdings, Spark Digital, Circle Ventures, Huobi and others.
Slope offers a cross-platform wallet with access to Solana Pay, decentralized finance (DeFi) engagement, visualized non-fungible token (NFT) management and token swaps, or the transfer of tokens from one blockchain to another. There is currently $7 billion of value on the Solana blockchain, according to DefiLlama, making it the sixth-largest chain by that metric.
Slope, which launched in September, said the wallet had been downloaded 1 million times as of last month with 850,000 monthly active users across the Apple App Store, Google Play and its Chrome extension.
“We are excited to support Slope’s mission to provide a seamless, cross-platform experience for users to engage with Solana’s DeFi, NFT and gaming ecosystems,” said Solana Ventures Partner Matthew Beck in the press release.
Slope said the team will soon announce additional details regarding ongoing projects, partnerships and product developments, including a new mobile product. The company declined to provide more details.
Slope Finance competes with Solana mobile wallets like Phantom and Solflare. Last month, Phantom raised $109 million at a $1.2 billion valuation. At the time, Phantom said it commanded “at least 90%” of the Solana wallet market, though CoinDesk could not independently verify this figure.
A local crypto exchange founder says traders are clamoring for USDT. Wealthy Ukrainians, at least those who have not fled the country, are looking to cryptocurrencies as a safe haven for their assets as the Russian-Ukraine conflict heats up. However, there’s a limited supply of Tether’s USDT dollar-linked stablecoins, and that limit has pushed up […]
It’s the city’s first cracked case of an online pyramid scheme that used cryptocurrencies, according to authorities. Police in Shanghai arrested more than 10 people in connection with an approximately $16 million pyramid scheme that involved cryptocurrencies, the first such case to be solved in the city. The Shanghai police bureau had conducted an investigation […]
Prices of the memecoin often see a surge after celebrity mentions. Dogecoin (DOGE) briefly jumped as much as 10% during Asian trading hours on Monday after Tesla CEO Elon Musk said in a tweet that he is not selling his crypto holdings, which includes DOGE. DOGE exchanged hands at $0.111 on 4:10 UTC amid a […]
The RUNE protocol went live with synthetic assets trading on its platform last Thursday. Thorchain’s RUNE token, jumped 37% after its synthetic asset trading launch, and has extended that move since, now up 87% since launch. Thorchain, which is built on the Cosmos blockchain, is a decentralized liquidity protocol that specializes in cross-chain connectivity, allowing […]