Month: July 2021

Formative, a student learning and analytics platform, raises $70M to challenge the summative, test-based approach to education

Students using digital tablet in classroom

Tests are king in many school systems and other educational environments: they are seen as an efficient way to assess what knowledge students have retained, and how well they do on a level playing field where everyone has the same exam to take.

Some, however, believe that system is flawed, and today a startup that’s built a platform to provide another way of assessing and teaching is announcing a big round of funding on the heels of strong growth for its approach.

Formative — a platform for K-12 teachers to create assessments from scratch or provision assignments from other digital sources and learning platforms, assess in real-time how students handle them, adjust instruction based on those results, and then use progressive assignments to build a bigger picture and how that student is acquiring knowledge — has picked up $70 million, funding that it will be using to continue expanding the reach of its platform.

The funding is being led by Summit Partners, with previous investors Fika Ventures, Mac Ventures and Rethink Education also participating, among others. Formative is not disclosing its valuation but this is being described as a minority investment.

More significantly, it’s a major step up for the startup, which was founded in Santa Monica, CA, in 2013 and had raised less than $7 million before now.

The funding however matches how well the startup has been doing. On the back of a major surge of interest in digital learning tools — spurred by the Covid-19 pandemic, the subsequent closure of physical schools, and a huge shift to remote learning — Formative says that its platform is already in the majority of U.S. school districts (specifically 92% of all U.S. school districts have at least one teacher signed up); that more than four million students have engaged with “Formatives” (as the assignments are casually called); and that it is delivering annual recurring revenue growth of around 700%.

And in keeping with that momentum, Formative has a lot of ambitious plans for the funding. They include building more analytical tools for teachers and administrators as well as parents and students; taking Formative to more international markets (it’s currently most active in English-speaking countries); and more generally (and perhaps most importantly) building technology that’s helping the system rethink what a quality education might look like, what form that should take.

“One of our big goals in the future is to really help be a gateway to evaluate the rigor and effectiveness of different curriculum streams,” said Craig Jones, the CEO who co-founded Formative with Kevin McFarland (the COO), in an interview. “We’re using all the data that we’ve collected, the billions of student responses to facilitate a bigger picture, insights on student learning, to the necessary stakeholders. That can spin off into a lot of different things that we can help our schools and teachers and parents use that data to ultimately drive additional learning.”

Jones, who is a former science teacher, and McFarland came up with the idea for Formative the startup while working on MBAs at UCLA, where they were looking at how different pedagogic approaches might prove to work better than traditional methods for learning. Formative the startup takes its name from the idea of formative evaluation, where teachers provide regular, sustained assessment to check on students and modify how they are teaching to help them learn. In many ways it sits in opposition to an over-reliance on summative assessment, or the idea of wrapping up learning, and evaluating, based on a final test, although in practice even a shift to more formative can still help a student better prepare for those final summative assessments.

While the idea behind formative assessments has been around for a while, the breakthrough that Jones and McFarland had was to realize that the concept could be truly scaled and expanded if it was digitized, since that would enable efficient assignment delivery, and much more data collation, visualization, communication and analytics.

That concept, of course, took on a whole new profile in the last year and a half: schools and teachers that had already invested in the idea of using more digital tools, and possibly even Formative itself, ramped up their engagement; and they were joined by a new wave of educators scrambling to fill the big gap created by schools closing to slow down the spread of Covid-19, who might have previously had a very tenuous engagement with online learning. That had a big impact on a lot of the edtech sector, with online learning companies like Kahoot also seeing a big rise in use (and taking a bigger initiative into learning management by acquiring tools like Clever), as well as a plethora of other providers.

Formative too seized the moment and set up something it called the Covid-19 Assistance Program, providing free access to its platform — which is normally priced in different tiers, starting at free for a basic service, then increasing to $12 and $17 or ‘contact us’ based on numbers of teachers using the platform that allows for more integrations, more analytics and so on. Some 5,000 teachers and schools signed up for the free service, Jones said, and McFarland noted that as schools reopened, it’s continued through in what has definitely been an evolving engagement with technology for many in the classroom. (And not all are so quick to shift: my kids’ secondary school in London still strictly forbids people using “screens” at school and in classrooms.)

“There’s been a really big shift in the U.S., where there are more devices in classrooms now than there are students,” said McFarland, who said that many are taking a hybrid approach of saying, effectively, ‘If we want to utilize this, we can utilize it but not necessarily rely on it every single day.’

“That’s where you’ll see a lot of flexibility,” he continued. “They’re using a device, not a toy. We try to work a lot in that flexible hybrid environment.”

The approach it has taken is to make its system work in as seamless a way as possible for teachers, by not only integrating with all the learning materials that are “native” to digital platforms, but also making digitized versions of the most popular publications, and those that they are using as part of their curriculum, also something the teachers can call up and assign through Formative. In that regard, it’s not a learning content company, but more of a channel for making the content that is there, more accessible and more useful. It also links up with other tools like learning management systems when they are used to create a more efficient process overall.

That’s a model that has resonated with both educators and investors.

“Formative helps to accelerate learning for students, save time for teachers and quantify results for school and district administrators,” said Tom Jennings, an MD at Summit Partners, in a statement. “We believe Formative has a rare combination of rapid, capital-efficient growth, innovative products, delighted customers and a humble, mission-driven team. We admire how Craig, Kevin and the team have built the business and expect our partnership to help Formative accelerate product enhancements and the continued global expansion of the business.” Jennings is joining Formative’s board with this round.

Blockinvest Ventures is hereby to help you understand more regarding the investment industry with conscientious advice. We hope that you can feel the article was helpful and don’t forget to subscribe our website for further news!

Revel turns to software to keep its e-moped fleet powered without straining NYC’s grid

Revel e-moped

Image Credits: Revel

Revel is turning to an app that gamifies energy use to keep its fleet of more than 3,000 electric mopeds charged without putting a strain on New York City’s power grid.

Electricity is the key ingredient for the Brooklyn-based startup, which has more recently expanded beyond shared electric mopeds and into e-bike subscriptionsfast-charging infrastructure and even an all EV ride-hailing service. It’s not just about accessing power; managing when that power is tapped will be essential for Revel to keep its operational costs as low as possible.

That’s where Logical Buildings comes in. The software company has developed GridRewards, an app that helps customers lower their monthly energy consumption and earn cash rewards in the process. The app’s “virtual power plant” software will help Revel dynamically adjust the charging schedule of its fleet to support NYC’s electrical grid resilience, according to a statement from the companies.

“As we continue to expand our electric mobility products, we plan to be an asset to the grid rather than a liability,” said Paul Suhey, Revel COO and co-founder, in a statement. “Our EV infrastructure and charging operations can play a major role in helping NYC transition to a cleaner electric grid.”

EV adoption and shared micromobility services are on the rise, so many industry players are finding ways to transfer energy between batteries and the grid. EV battery swapping company Ample says its swapping stations can be used to generate backup power in case of an emergency, and even Ford’s new pickup truck, the F-150 Lighting, can power your home in the event of an outage.

In Revel’s case, the company hopes to provide services to the grid like “demand response” operations, where charging stations shed a load when needed in order to provide immediate relief to the grid, something the company just did in NYC. During the heat wave of the week of June 28, the mobility company adjusted its fleet charging schedule to avoid peak demand times.

Revel says avoiding peak demand times also helps to create a cleaner grid because when energy is in high demand, the sources of power generation emit twice as much carbon dioxide per unit of electricity and 20 times as much nitrogen oxides.

Revel also owns a fleet of Teslas for an all-EV ride-hailing service that has had to halt its services due to a cap placed on new for-hire vehicles in the city. But at present, the company will only be implementing this technology with its e-mopeds.

“As transportation electrifies, it is imperative that electric mobility companies schedule their charging operations to promote grid resiliency,” said David Klatt, Logical Buildings’ VP of operations, in a statement. “Revel is taking necessary steps to ensure it is a leader in intelligent charging operations, paving the way for the smooth electrification and decarbonization of NYC.”

Blockinvest Ventures is hereby to help you understand more regarding the investment industry with conscientious advice. We hope that you can feel the article was helpful and don’t forget to subscribe our website for further news!

DeFi investor platform Zerion raises $8.2 million Series A

zerion-teamImage Credits: Zerion

While crypto exchanges have demystified some of the largest cryptocurrencies for retail investors, many of the intricacies of decentralized finance are still lost on even more savvy investors as a result of DeFi weave of diverse offerings.

Zerion, a startup building a decentralized finance “interface” for crypto investors, has attracted venture capitalist attention on the back of recent growth. Amid a renewed crypto gold rush, the company has processed more than $600 million in transaction volume so far this year, now with over 200,000 monthly active users, CEO Evgeny Yurtaev tells TechCrunch.

The startup has also wrapped an $8.2 million Series A funding round led by Mosaic Ventures, with participation from Placeholder, DCG, Lightspeed and Ventures, among others. Mosaic’s Toby Coppel and Placeholder’s Brad Burnham have joined Zerion’s Board, the startup also shared.

Zerion gives customers access to more than 50,000 digital assets and 60 protocols on the Ethereum blockchain through their app, which streamlines the UI of DeFi. Users can access tokens and invest through the app similar to exchanges like Coinbase or Gemini, but do so using their own personal wallets like MetaMask, meaning user funds and private keys aren’t controlled by or accessible to Zerion, a sticking point for Yurtaev, a lifelong crypto enthusiast and builder.

Image Credits: Zerion

“There are a bunch of different tokens and protocols in the DeFi space,” Yurtaev says. “In theory, it’s supposed to be easy to navigate, but in reality, it’s all a mess … We try to demystify them.”

Alongside major growth in Ethereum and bitcoin prices, DeFi volume has surged in 2021, up from just under $20 billion at the year’s start to nearly $90 billion this May. The DeFi market at large has proven just as volatile as bitcoin, with market volume falling some 35% in the past couple months to just over $57 billion.

The startup’s mobile app on iOS and Android has become a particularly popular way for crypto investors to track the market and the tokens they’re backing. The average user opens the app more than nine times per day, the company says.

Crypto’s 2021 upswing has drawn plenty of investor attention, not only to the assets themselves but to the platforms facilitating those transactions. Last month, venture capital firm Andreessen Horowitz announced that they had raised more than $2.2 billion to invest in startups building products in crypto spaces including decentralized finance.

Blockinvest Ventures is hereby to help you understand more regarding the investment industry with conscientious advice. We hope that you can feel the article was helpful and don’t forget to subscribe our website for further news!

Acrylic raises debut $55M solo GP fund to paint the future of crypto


It’s been quite the year for crypto capital, what with Coinbase’s blockbuster debut earlier this year in a direct listing and A16Z raising $2.2 billion for its third crypto-focused fund. But as the numbers in this frenetic market continue to skyrocket to dizzying highs, there is an open question for a lot of crypto founders: who exactly can work with me at the earliest possible stage in the future of Crypto?

That’s the investment thesis of Ash Egan, the current solo GP of Brooklyn-based Acrylic, which today announced a $55 million debut fund that will be focused on what he dubs “inception capital.” Among the LPs who invested are fund-of-funds firm Cendana, known for backing emerging VC managers, Accolade Partners, which launched a blockchain-focused fund-of-funds in 2020, VC firms Accomplice and DCG as well as individuals like Chris Dixon, Marc Andreessen, Jim Pallotta, and others.

Egan, who was formerly a partner at Accomplice and an investor at ConsenSys Ventures, and Converge, has been heavily focused on the crypto space since 2015, backing early winners like Chainalysis, which was valued at $2 billion in March, and BlockFi, which is now worth a pretty healthy $3 billion for the four-year-old company.

He sees an opportunity to be the earliest capital for crypto founders — perhaps even before they have started a company. He wants to “be that first investor in a company or a protocol before they raise those large rounds, even being an outsourced team member,” he said. He says he is focused on “the founders who are taking massive risks, creating entirely new markets, evolving the status quo.”

The firm’s name has a few sources according to Egan. “As a painter, my medium is acrylic,” he said. “It’s a real cool media since it meshes with all other mediums really well.” He also noted that “acrylic is generally painted in layers … and crypto is layers of protocols.” Finally, he feels the name relates to his style of investing. You “can’t just plug in a formula and rely on one kind of strategy,” he said. “Crypto investing is not a science yet, it’s still very much an art.”

While there is some poetry there, the reality of the crypto markets is that they are incredibly subsumed by the huge financial vagaries of the markets on any given today (and let’s be frank, every given minute). Egan wants to focus on longitudinal investing without constantly looking at the daily minutia of ticker prices. “The hope is that at scale, you are in a position where you are in early enough and cycles don’t really matter,” he said. “You want to partner with founders who are not swayed by macro inertia [and who are] building something with a ton of value in both bull and bear markets.”

Ash Egan, second from right, speaking on crypto at TechCrunch Disrupt Berlin 2019.

The firm will invest in both traditional equity as well as tokens, and he sees the firm’s Brooklyn headquarters as a unique asset. “Brooklyn is so well-positioned to be a focal point for this next chapter in crypto given that every company has people in New York or who spend some part of the year here,” he said. “Wall Street is here, media is here… being local is huge.”

So far, the firm has invested in a couple of startups and protocols, including low-cost North American Bitcoin miner US BTC Corp, governance token protocol Automata, smart contract auditing company Arbitrary Execution, decentralized investing network Syndicate Protocol, and two other unannounced investments.

While Egan says he is quite open to projects across the vast universe of crypto, there is one area where he won’t invest today. “One area that I am less excited at this point is generalized Layer 1 smart contract platforms aka your Ethereum killers,” he said. “There are a slew of contenders here including Ethereum, and I think it is very difficult to gain market share if you aren’t already building or in the market today as a generalized smart contract platform in the future of Crypto.”

Right now, Egan is investing solo, but is in the process of building a team, saying that he is interviewing candidates but hasn’t hired. He believes a total focus on crypto will ultimately pay dividends over time. “At scale, you have network effects within the portfolio,” he said. “The portfolio actually works with each other in the future of crypto.”

Blockinvest Ventures is hereby to help you understand more regarding the investment industry with conscientious advice. We hope that you can feel the article was helpful and don’t forget to subscribe our website for further news!

5 ways to make money in the Crypto market 2021 you must know

The cryptocurrency industry has grown substantially since Satoshi Nakamoto published the original Bitcoin whitepaper in 2008. More than a decade later, most people are aware of the terms “Bitcoin” and “cryptocurrency”. There are various millionaires who made the big buck through crypto and this industry has demonstrated its value with the rapid increase in price of Bitcoin recently. And you may be wondering to yourself is it possible to make money with cryptocurrencies in 2021 and am i too late when the Bitcoin and Altcoins are on the high peak? The answer is Yes, and here are five ways to do so.

1. Mining Cryptocurrencies

The primary means by which anyone can earn cryptocurrencies is through crypto mining – a crucial component of the Proof of Work (PoW) consensus mechanism and is one of the oldest ways of making money with crypto. This option is a complex procedure that involves your computer solving complex mathematical calculations in a bid to validate blocks. If done well, the computer (you as the owner) receives a particular amount of cryptocurrencies. The type of cryptocurrency given depends on which currency you were mining. So, if you are mining Bitcoin, then you will be compensated in Bitcoins.

Mining cryptocurrencies requires that you have a high-performance computer and any accompanying hardware. High-performance computers take a small amount of time to accomplish the tasks that earn you cryptocurrency. And in the case of bitcoin, you have better chances of earning coins if you are using a high performance machine. 

There are some coins you can start mining but the valuable coin traders must mine now is BitcoinNami (BTCN). The starting price of BTCN is only $2 but it promises to bring the big profit back to the investor as for every 10 seconds it will create one more BTCN. The technology-based is the main point to help BTCN develop more in the future and it is named as the first fundamental for cross-chain DeFi platform. Thus, BTCN will return back the traders a big profit in the future with those potential promises. You can find more information via

2. Referral Program

A crypto referral program is a very common and really good way to earn cryptocurrencies. Most often, you’ll not even need to invest anything in order to refer and earn with a project. You can simply register on the website, get your unique referral link and start referring and earning. 

BitcoinNami and many other cryptocurrencies offer you good profits for referrals. With BitcoinNami, whenever the people you refer to invest in mining BTCN, you will get 5% value of this package. Furthermore, you also can get 5% of binary income and receive bonuses from $200 – $5,000 weekly if you participate in this referral program. Find more information via This is a form that brings a lot of profits to investors.


3. Buying and holding

The old-age stock market wisdom of buy when low and sell when high also applies to this type of online trade. Here, you will need to speculate and determine a valuable crypto that is currently undervalued, then purchase it. Once you have bought this, you can then chill and wait for the market factors to push the price up. The reverse is also possible just as if you were buying and holding on to shares of a company on the stock market.

For most cryptocurrencies where you wish to buy and hold them, it is also a better idea to buy when they launch or just sometime after they do. Cryptocurrencies launch at low prices usually below a dollar but increase in value over time depending on the company’s portfolio. The mission that the company is undertaking can also influence the value. An excellent example of this is Ethereum. At the time it launched, it was trading for about 30 cents. Today, this cryptocurrency trades at over $150 per coin. 

Bitcoin also can be an example for buying and holding as investment in a long-time. Because of this inherent volatility, long-term investing is one of the better approaches to make money through cryptocurrency. As with any investment, crypto should be considered in the portfolio context based on your investment goals and risk tolerance.


4.Staking and Lending

Staking and lending are quite similar and allow investors to make money with altcoins. Staking essentially means locking coins in a cryptocurrency wallet and receiving rewards to validate transactions on a Proof of Stake (PoS) network. Instead of mining, the PoS algorithm chooses transaction validators based on the number of coins they committed to stake. PoS does not require expensive hardware and is much more energy-efficient. Cold staking is also an option, allowing investors to stake coins while holding them in a secure offline wallet. Tether, NEO and Stellar (XLM) are some of the coins you can stake.

With staking, investors are lending coins to the network, to maintain its security and verify transactions. Another option to earn money with crypto is to lend coins to other investors and generate interest on that loan. Many platforms facilitate crypto lending, including exchanges, peer-to-peer lending platforms and decentralised finance (DeFi) applications.

5.Airdrops and forks

Airdrops and forks are the crypto equivalent of being in the right place at the right time. Airdrops are free tokens, usually distributed by an exchange to generate awareness and create a large user base for a project. Forks are essentially changes or upgrades in a protocol that create new coins. When a blockchain forks, holders of the coins on the original chain typically get free tokens on the new network.

Hopefully the article has provided you with useful information as well as a new perspective on how to make money on the cryptocurrency market in 2021. Thanks for reading.

DeFi lending platform: The innovative revolution in financial sector 2021

DeFi is expectedly promising in the lending sector, where it has the potential to radically alter the way liquidity is loaned and borrowed. This lending method has various distinctions compared to “conventional” bank lending and there are many traders looking for this method to build the investment strategy.  Let’s explore why DeFi lending platform is full of prospects in the finance sector and what reliable lending platform investors must experience !

About DeFi and its prospect in the future

The word “DeFi” refers to the application of decentralized technology to power financial services that operate on the blockchain. This ground-breaking field removes centralized processes between middlemen and transcends geographical borders. 

There are DeFi applications, so-called “DApps,” that offer protocols to increase efficiency and lower costs, making financial services more accessible to all from data recording (through distributed ledgers), consensus methods, and decentralized decision-making.

Peter Wall, CEO of global crypto mining company Argo Blockchain, says that DeFi is an umbrella term that expresses the need for an accessible, transparent, and secure system. Meanwhile centralized entities and banks continue to fail communities seeking trustworthy financial freedom.

The DeFi market has proven to be thriving. Early 2020, the total value locked (TVL) within DeFi protocols amounted to around $680 million. In just over a year, that amount grew by more than 50x to hit more than $40 billion of value invested in DeFi projects. 

Source: DeFi Pulse ( February 2021)

DeFi possesses huge prospects of development, especially in the DeFi lending prospect, as up to March, 2021 more than $7 billion USD was committed to the DeFi lending initiative. As we can see that the assets are included mostly in lending protocol.  It can be effortlessly comprehended that for the lending, DeFi users earn interest for supplying funds (or pay interest for borrowing funds) in a trust – free and non-custodial method. 

Source: DeFi Pulse (Data as of March 2021: Locked value in USD billion.)

Apart from that, due to a high demand from the market, DeFi Lending Crypto is gaining huge development to form the automated money markets. Compared to the traditional lending money markets, which can be viewed as low-risk and short-term debt investments, the new market is similar but it’s far superior through decentralized protocols. The highlight of DeFi lending features could be listed as the elimination of Bank presence, high transparency, stability from overcollateralization, not liquidation but preserved assets and global flexibility.

The pivotal ecosystems for DeFi Lending and the best lending platform to invest in 2021

DeFi lending platforms were mainly active on the Ethereum chain formerly, due to various benefits also advantages of the Ethereum ecosystem brought to the traders. And Aave is the most significant platform on the Ethereum ecosystem, which offers to traders a number of crypto services in lending, borrowing, flash loans and even rate switching features with the high liquidity protocol of Aave. Thus, Ethereum plays a crucial role in the DeFi industry for crypto asset lending.

Source: Aave website

Nevertheless, the situation has gradually changed in the last two years for the Ethereum ecosystem – which has an extraordinarily high growth rate and surely will continue its dominance in the near future, thus the demand has led to escalate the gas prices. These over-increasing gas prices have created dissatisfaction and boxed out many people from partaking in the Ethereum network lately.

That led to the demand from traders for the new ecosystem which has the affordable fee and Binance Smart Chain (BSC) was totally match and the flavour of the month in the crypto space 2021. This network, which is compatible with the Ethereum Virtual Machine (EVM) and with the pitch of a cheap, fast and nearly identical version of the Ethereum DeFi experience, has both developers and users excited. This is proven by seeing more and more migrated apps and users, who don’t want to pay these enormous gas fees.

Furthermore, the BSC uses an alternative to Ethereum’s Proof-of-Work consensus model called the Proof-of-Staked-Authority (PoSA) model. This PoSA model optimises the network for low fees and high throughput but sacrifices decentralization and censorship resistance to do so. The Binance Smart Chain allows for higher gas limits which allows for more transactions to be squeezed into each BSC transaction block, without worrying about congestion or fee hikes.

Hence, BSC is the other trustable ecosystem, besides Ethereum, and Venus is the most attentive platform on BSC.  Venus aims at providing lending and borrowing services to the BSC, and allows users to mint the assets. Users can generate (mint) $VAI tokens, Venus Protocol’s synthetic stablecoin pegged at $1.00 as well as borrow up to 50% of their remaining collateral to mint VAI. “Over collateralized” lending is the vision which Venus targets where users can borrow assets of which the value is 75% or lower than the supplied assets. Earning high interest up to 15% APY by supplying supported collateral assets to the protocol are also the objective Venus offer to customers. However, Venus is limited in their features (no flash loans) and not diversified like Aave, in order to completely serve the trader’s demand. It might be a barrier for investors in the experience with BSC, while flash loans must be a highlight feature of DeFi lending.

Thus, the solution for this problem is to make the lending platform BSC becoming potentially comparable to Aave on Ethereum, that it would be an ideal platform established to cover all the disadvantages and even integrate many useful features better than Aave and Venus. So X-pool is published and considered as a suitable platform to cover all the downsides of the BSC platform and as bright as Aave.

X-pool is an open-source decentralized protocol developed based on Binance Smart Chain that allows users to lend, borrow and earn interest on crypto assets, all without middlemen. More specifically, Xpool is a DeFi lending protocol that enables their customers to lend and borrow a diverse range of more than 10 cryptocurrencies, using both stable and variable interest rates, in a trustless manner ( i.e., without intermediaries and allow users to enlist their crypto coins on the platform for lending purposes). Thereby making a profit easily from the assets you own. Apart from that with the advantages such as low transaction costs, fast transaction speed, flexible interest rate options, and open source.  X-pool is the best choice to achieve the high APY up to 120%  in the market at present.

Apart from that, X-pool possesses flash loans and liquidation features on the BSC ecosystem. With two strengths, X-pool differentiates their reputation compared to the other platforms on Binance Smart Chain ecosystem, which is expected to attract more users switching to and investing with the better gas low fee. You can refer to all the main functions of X-pool in the below picture or more information here. Since at the moment, broadly speaking, the BSC is preferred by most traders at the moment  by the low gas fee with more features on platforms for users such as X-pool. 

Source: DeFi Pitch Deck (2021)

The bottom-line

DeFi lending provides several advantages over bank-based lending, all of which lead to improved trust and accessibility. As a result, lending DApps will grow more popular as customers discover they are more appealing than regular bank loans. Thus, choosing the appropriate lending platform is crucial and we hope that this article brought you more useful information regarding the emerging DeFi market.

Crypto startup Phantom banks funding from Andreessen Horowitz to scale its multichain wallet


Image Credits: Phantom

While retail investors grew more comfortable buying cryptocurrencies like Bitcoin and Ethereum in 2021, the decentralized application world still has a lot of work to do when it comes to onboarding a mainstream user base.

Phantom is part of a new class of crypto startups looking to build infrastructure that streamlines blockchain-based applications and provides a more user-friendly UX for navigating the crypto world, something that can make the entire space more approachable to a non-developer audience. Users can download the Phantom wallet to their browsers to interact with applications, swap tokens and collect NFTs.

Image via Phantom

The co-founding team of CEO Brandon Millman, CPO Chris Kalani and CTO Francesco Agosti all come aboard from crypto infrastructure startup 0x.

At the moment, Phantom is best-known among the Solana community, where it has become the go-to wallet for applications on that blockchain. The startup’s ambition is to interface with more and more networks, currently building out compatibility with Ethereum and looking to embrace other blockchains, aiming to be a product built for a “multichain world,” Millman tells TechCrunch.

Alongside building out support for other networks, Phantom wants to build more sophisticated DeFi mechanisms right into their wallet, allowing users to stake cryptocurrencies and swap more tokens inside the wallet.

The Crypto startup says they have some 40,000 users of their existing wallet product.

Building out a presence on the popular Ethereum blockchain, which already has a handful of popular wallet providers, will be a challenge, but Phantom’s broadest challenge is helping a new breed of crypto-curious users interface with a network of apps that still have a long way to go when it comes to being mainstream-friendly.

“The entire space is kind of stuck in this ‘built by developers for other developers mode,’ ” Millman says. “This bar has been kind of stuck there, and no one is really stepping up to push the bar up higher.”

Blockinvest Ventures is hereby to help you understand more regarding the investment industry with conscientious advice. We hope that you can feel the article was helpful and don’t forget to subscribe our website for further news!

Scroll to top