Crypto Wallet Security Layer Webacy Raises $4M
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San Francisco, United States, 9th February, 2023, Chainwire
Webacy has announced the successful closure of a $4M seed round to support its goal of making web3 safer. gmjp led the round which also included Gary Vaynerchuk and AJ Vaynerchuk, Mozilla Ventures, Soma Capital, DG Daiwa Ventures, Quantstamp, CEAS Investments, Dreamers, and Miraise.
The event is Webacy’s second round of financing, following a pre-seed raise in late 2021. Notable previous investors include Pareto Holdings, Quiet Capital, LOI Venture, MetaverseHQ, and Origin Protocol. The two rounds bring Webacy’s total financing to over $5M.
Louis Kang, Partner at gmjp, said: “We’re excited to back incredible founders building important companies that solve important problems in the world today in web3. Digital assets are going to become more pervasive as part of our daily lives. Ownership is one element, but protection is just as important. We’re excited to invest in Webacy and to bring this enhanced digital safety to the masses.”
AJ Vaynerchuk, Partner at VaynerFund, said: “We’ve seen a huge need for safety products amongst our communities at VaynerSports Pass and Veefriends. Our brand clients see the need to engage their customers while maintaining responsible and safe habits. No one wants to make the wrong move that might get them hacked. This feeling is mitigated by solutions like Webacy.”
Webacy is building comprehensive and easy-to-use products to help people protect their self-custodied digital assets. The company’s protection technology doesn’t require custody or storage of keys. With the mass movement of assets off centralized environments into self-managed wallets, protection is more important than ever.
Webacy’s Safety Suite of products includes Wallet Watch (for real-time wallet monitoring), Backup Wallet (for loss of access, keys, or phrases), Panic Button (to bulk send assets to a safe house wallet in case of an exploit or hack), and Crypto Will (to ensure assets are in the hands of beneficiaries and loved ones in the event of death). Webacy has built its products using smart contract technology. The customer is able to sign their own smart contracts to set triggers that enable the transfer of assets to backup wallets and beneficiaries.
“Webacy helps create intelligent tools using smart contracts the way they were meant to be used,” said Maika Isogawa, CEO and Founder of Webacy. “To welcome the next billion users to web3, we’ll need a safe environment that allows everyone to transact and own assets with the power to protect themselves. Billions of dollars worth of crypto was stolen and misplaced in 2022. We’re creating a safer web3 for everyone.”
Launching of Safety Suite
The seed round coincides with the public launch of Webacy’s Safety Suite. This enables consumers to protect multiple wallets and any type of Ethereum asset along with a wallet monitoring service called Wallet Watch that is free for a limited time. Anyone can use Webacy’s wallet monitoring service to get notified of transactions and approvals in real-time via SMS or email. This allows them to identify suspicious and/or known activity across their hot and cold wallets.
Webacy’s Panic Button, Backup Wallet, and Crypto Will are covered by a subscription plan. However, holders of the company’s access pass NFT, Grimmies, get yearly access with a certain number of assets that can be protected. Other partners under Webacy’s Season Pass program can also access the rest of the Safety Suite without a subscription for a limited time. Webacy has announced partnerships with multiple companies, NFT projects, and DAOs to help bring their product to a blockchain-native audience.
Communities such as TokenAcademy 333, MetaverseHQ, VaynerSports Pass, DeGen Sports, Rug Radio, Unstoppable Domains, and Ninjalerts have access to Webacy. Webacy has also announced its first wallet partnership with Arculus (NASDAQ:CMPO), a leading hardware wallet, with similar pricing and membership access privileges.
Learn more: https://webacy.com.
Founded by Stanford graduates and blockchain technologists, Webacy is creating a safer web3 for everyone through wallet protection. Webacy has created a Safety Suite of products including Wallet Watch, Backup Wallet, Panic Button, and Crypto Will, all backed by powerful smart contracts that never use keys or passwords. By constantly innovating new methods to bring control back to the user, Webacy is creating the ultimate protection layer for digital assets.