According to Bloomberg News, the idea of a super app was first perceived in China, where WeChat is used for just about everything from booking a taxi to sharing photographs. One startup in the UK pledges to introduce the same concept around cryptocurrency.
Super App: What is this all about?
Argent Labs Ltd intends to develop a simple service that will be used for storing, buying, and carrying out transactions with more than 240 various Ethereum-based tokens. It also offers access to decentralized financial services, like crypto lending platforms and decentralized exchanges.
The startup is drawing support from a few of the top names in the area of crypto investing. On Thursday, Argent is planning to announce that it has raised $40 million as a deal Fabric Ventures and Metaplanet led. The other new investors, including Animoca Brands Corp. and Jump Trading Group, took part alongside the prevailing ones, like Paradigm, Creandum, and Index Ventures.
Itamar Lesuisse, who earlier worked as a manager at Amazon.com Inc. and Visa in London, was instrumental in starting Argent in 2017. The company started operating to enhance the security of cryptocurrencies and minimize transaction fees. But now, it wants to allow customers to purchase virtual real estate, use non-fungible tokens, and access online games.
Bloomberg News reported that Lesuisse refused to divulge the valuation of the company. He stated that it is likely that this would perhaps be the last financing comprising crypto specialized venture capital firms that have dominated blockchain startup-related investments. Argent will be pursuing more traditional investors in fundraising in the future.
Lesuisse said that they are a crypto firm today and at the end. In one, two, or three years, the company will be using blockchain technology.
The startup offered the so-called smart wallets and stated that the startup has appealed to 500, 000 users plus and has plans to double the all-remote team to about 50 members in the current year.
