JAN3 Secures $5M to Develop Bitcoin-Focused Superapp AQUA

JAN3, the team behind the popular Bitcoin wallet AQUA, has raised $5 million in seed funding to enhance the development of its Bitcoin-focused superapp.

The funding round, announced on January 3, coinciding with Bitcoin’s Genesis Block anniversary, was led by Fulgur Ventures and included participation from Tether, Grupo Salinas, Lightning Ventures, East Ventures, and others.

This follows a $620,000 pre-seed round secured in early 2023.

AQUA Bridges Bitcoin Savings and USDT Spending

According to Tether CEO Paolo Ardoino, AQUA has struck a strong product-market fit by combining Bitcoin saving with the convenience of spending in Tether’s stablecoin (USDT).

“Tether is excited to support the work JAN3 is doing to advance financial freedom around the world. JAN3’s AQUA wallet has found excellent product-market fit by offering the perfect balance of saving in Bitcoin with spending in USDt.”

In line with its growth strategy, JAN3 plans to allocate $1 million from the funds to establish a Bitcoin treasury, acquiring 12 BTC at an average price of $83,333 per coin.

Practice what you preach? More like preach what you stack. Huge respect for backing the mission with skin in the game—welcome to the Treasury Hall of Fame! 🧡⚡🚀@Excellion @JAN3com https://t.co/npaRnB5RYG

— Ted Paulus (@Ruxpin84) January 5, 2025

The new funding will enable JAN3 to expand AQUA’s functionalities, prioritizing growth and integrating features like credit cards, loans, and local on/off ramps in its Marketplace.

The app already supports the Liquid Network, a Bitcoin sidechain developed by Blockstream, and offers native integration with Tether’s stablecoin, enhancing its appeal for users worldwide.

“Our goal is to onboard a billion people to Bitcoin,” said JAN3 CEO Samson Mow.

“AQUA is already delivering real utility for daily life and will continue to evolve into an even better Bitcoin Superapp.”

Lava Aims to Offer Bitcoin-Backed Dollar Loans

Lava, a New York-based Bitcoin lending platform, has also secured $10 million in Series A funding from major VC firms Khosla Ventures and Founders Fund to enable users to borrow dollars against their Bitcoin holdings.

This aims to address a common challenge for crypto investors who want to leverage their assets without liquidating them.

Crypto lending has faced significant scrutiny following the 2022 collapses of firms like Genesis, BlockFi, and Celsius.

These failures, driven by practices such as rehypothecation—where client collateral is used to back other transactions—damaged trust in the sector.

Lava aims to rebuild confidence by allowing users to self-custody their assets, ensuring the platform never takes direct control of Bitcoin holdings.

In another attempt to allow Bitcoin holders to earn returns, cryptocurrency custody provider BitGo has introduced institutional-grade Bitcoin staking through a partnership with Core DAO, a layer-1 blockchain platform.

BitGo will be one of the first custodians to facilitate institutional access to dual staking with Core DAO. It will allow clients to earn returns on their Bitcoin holdings.

The staking mechanism enables institutions to maintain full custody of their assets, mitigating counterparty risks often associated with traditional staking methods.