MSafe also known as Momentum Safe, a digital company that provides storage solutions for digital assets has secured $5 million dollars in a seed funding round to be used to develop multi-sig solutions across its network.
MSafe announced the news on Twitter, stating that the seed round was led by Jump crypto with participation from industry giants including Circle Ventures, Temasek-founded Superscrypt, Redpoint Ventures, SV Angel, Shima Capital, Spartan Group, and others.
The firm stated that it plans to use the proceeds to expand its team, expand its product portfolio, and increase product adoption.
Saurabh Sharma, Head of Investments, at Jump Crypto said that his team is thrilled to assist MSafe’s capable team in advancing their ambitious plans for web3 financial services. He highlighted that MSafe’s platform provides the top-notch security, decentralization, and adaptability that businesses need.
MSafe was a pioneer in developing the first multi-signature wallet solution on the Aptos / Move ecosystem. A multisig wallet is a cryptocurrency wallet that requires multiple parties to approve transactions before they can be carried out. This can be useful for a number of reasons, including adding an extra layer of security to users’ assets or allowing multiple people to manage a shared wallet.
Funding in the Crypto Ecosystem
Some crypto companies are still able to raise funds in the crypto space despite the dwindling crypto market and the collapse of exchanges that brought fear to investors.
In December 2022, Pods, a Decentralized Finance (DeFi) firm based in Sao Paulo, Brazil, announced the receipt of $5.6 million in seed funding the firm conducted early last year. Among those who contributed to the fundraiser were IOSG, Tomahawk, Republic, Framework Ventures, 4RC, and Alexia Ventures.
Meanwhile, in November 2022, the Web3 gaming platform, Heroic Story received $6 million in a seed funding round which was led by Upfront Ventures and other notable investors including Multicoin Capital and Polygon Technology.
Heroic Story hinted that it intends to reimagine traditional tabletop role-playing games (RPGs) for Web3 users with the help of investors and strategic partners.