Easy Company, a non-custodial cryptocurrency wallet to store, send and receive funds, has recently announced that it has raised $14.2M in seed funding to build out its social features.
The round was led by Lightspeed Venture Partners (LSV) with participation from Pantera Capital and DCG.
A breakdown of Easy Company’s investors
Lightspeed has been an active investor in the cryptocurrency space since 2014 and has a portfolio of more than 50 blockchain startups including Abra, Bitstamp and Robinhood.
Pantera is a premier blockchain investment firm focused on driving the advancement of sound cyber security, decentralized computing networks (i.e., blockchains) and digital currencies like Bitcoin that power them. It has invested in over 70 companies worldwide with $450 million under management as of December 2017.
DCG is a leading venture capital firm investing in early stage ventures building foundational components of new open systems platforms based around bitcoin/cryptocurrency technology broadly called bitcoin 2.0 or crypto 2.0
The seed funding will help Easy Company launch its Android app later this month. The company believes that the new wallet will appeal to those who don’t want to put their cryptocurrency on an exchange, but still want it to be easy and convenient.
Easy Company is currently in private beta with the goal of giving users the tools to buy and sell crypto without having to choose between security and convenience.
Easy Company’s Crypto Wallet Features
Users can easily find friends and family that are already using Easy Company or invite them directly using their phone number or email address. Other functions include sending funds via social media or text messages, or by scanning and following QR codes. If you are looking for the best crypto wallets with lowest fees you might have come to the right place.
The company’s app has been downloaded over 500,000 times in the few months it’s been available. Users can easily find friends and family that are already using Easy Company or invite them directly using their phone number or email address. Other functions include sending funds via social media or text messages, or by scanning and following QR codes.
Easy Company allows users to buy and sell crypto without having to choose between security and convenience. The platform also offers a built-in exchange for converting fiat into crypto and vice versa, as well as integration with social media such as Twitter, Facebook Messenger, Telegram groups, and a variety of other social media platforms.
Every transaction is encrypted on the users’ device before being sent to the network. A recovery phrase on a metal plate is used as an alternative key to recover funds if the user loses their device. This means that every transaction is encrypted on the user’s device before being sent to the network.
A recovery phrase is a list of words used to recover your funds if you lose your device. You should store this recovery phrase somewhere safe in case you ever need it, such as in a safe or bank vault.
Recovery phrases function like a backup which ensures that you never have to worry about losing access to your coins. This is because the recover phrase allows you to regenerate your wallet if you end up getting cut off from your tokens.
According to founder and CEO Franklyn Richards, the company has already launched the iOS app for beta testing. However, the Android app is still in the development phase.
Once the app has been officially launched, you can use it to purchase mainstream cryptocurrencies like Bitcoin, Ethereum, and Dai. Users can purchase these tokens through the use of credit and debit cards along with bank transfers.
Closing Thoughts
These are exciting times for Easy Company and enthusiasts of social crypto wallets. While the app is still in its beta phase, chances are good that the wallet will be well-received by crypto users from all walks of life.
