- Argent, the London-based crypto startup, has raised $12 million in a Series A funding round.
- The blockchain market, which underpins cryptocurrency, could be worth more than $3 trillion by 2030, according to PwC.
- The round marks the first investment in Europe by Paradigm, a venture fund set up by former senior execs at Sequoia Capital and Coinbase.
- Founder Itamar Lesuisse said the Argent crypto wallet had been designed to be 'as simple as Monzo or Revolut'.
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Argent, the London-based startup offering customers a digital wallet to store cryptocurrency, has raised $12 million in a Series A fundraising round backed by veterans of Coinbase and Sequoia Capital.
Venture capitalists around the world are becoming increasingly interested in cryptocurrencies and the technology that underpins them, blockchain, in spite of their volatility and lack of regulation.
According to analysis from market research firm PwC, the blockchain market could be worth more than $3 trillion by 2030.
Paradigm, the venture fund that led Argent's round, is the joint brainchild of Matt Huang, a former partner at Sequoia, and Fred Ehrsam, co-founder of cryptocurrency giant Coinbase. The round marks Paradigm's first investment in Europe.
Existing investors Index Ventures, Creandum and firstminute also participated.
"This is a big step in our mission to help people control and benefit from their digital assets and identity," said Itamar Lesuisse, CEO of Argent.
"Crypto's unfamiliar to many so we've cut out all the complexity and built a mobile wallet as simple as Monzo or Revolut, if not easier."
"Argent lets anyone, anywhere access new economic opportunities, exchange value as easily as an email, and enjoy digital services without sacrificing their data. It's the next evolution of money and the internet and we couldn't be more excited for the journey ahead".
Matt Huang, managing parter at Paradigm, added: "Argent has systematically solved some of the biggest usability and security issues in crypto. Their team has a unique combination of cryptographic expertise and experience scaling mobile apps to tens of millions of users.
"We're thrilled to partner with them as they help make crypto mainstream in the years ahead".
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