Today: Apr 23, 2024

A16z Founders Fund fuels $13.5m crypto startup ignition round

4 months ago
  • A16z Founders Fund has spearheaded a $13.5 million Series A funding round for crypto onboarding startup Dynamic Labs.
  • Dynamic Labs provides tools to facilitate web3 login experiences for crypto users of various levels of expertise.
  • The platform supports six chains: EVM, Solana, Starknet, Algorand, Cosmos, and Flow.
  • Other firms that participated in the funding round include Founders Fund, Castle Island Ventures, Breyer Capital, Nikil Viswanathan, and Joe Lau from Alchemy.

Dynamic Labs, the web3 authenticator platform designed to streamline wallet access and ensure web3 login accessibility, recently secured $13.5 million in Series A funding in a round led by A16z Founders Fund. The startup’s platform is designed to boost accessibility for Web3 builders aiming to improve integration of embedded or branded wallets and promote digital ownership inclusivity.

Dynamic Labs aims to leverage the fresh capital to enhance its support for Web3 developers working towards integrating embedded or branded wallets, advocating for digital ownership inclusivity. The platform offers a host of tools that assist developers in creating web3 login experiences that are accessible to users with varying levels of crypto knowledge.

Currently, Dynamic Labs’ multi-chain platform supports six chains, namely EVM, Solana, Starknet, Algorand, Cosmos, and Flow. According to a blog post from the company, in the past year over 1.6 million unique users across these six chains have taken advantage of the Dynamic platform via the embedded and branded wallet login flows.

Alongside leading multiple major funding rounds, A16z also recently released its annual State of Crypto Report. This report examines the impact of blockchain technology on the future of emerging tech in the U.S. from a policy maker’s perspective. In their report, the venture capital firm underscores the need for effective regulation that gives precedence to consumer protection and outlines clear compliance pathways as a crucial step towards continued innovation in the sector.