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Privy’s Series A Funding: Paradigm Leads with $18M

Privy, a startup specialising in blockchain-based tools, has successfully secured $18 million in its Series A funding round. Paradigm, the crypto-focused investment firm, took the lead in this funding initiative, signaling a growing interest in web3 advancements.

This Series A funding round garnered additional support from existing Privy investors, including Sequoia, Blue Yard, and Archetype. The participation of these well-established players underscores the industry’s confidence in Privy’s approach to assisting companies in building out their operations with blockchain technology.

Notably, the investment consortium includes not only institutional players but also influential angel investors. Names such as Justin Waldron, Ben Leventhal, Dan Romero, James Prestwich, Tarun Chitra, Linda Xie, Patricio Worthalter, Cooper Turley, and others contributed to the substantial funding pool.

As part of the Series A funding, Matt Huang, co-founder and managing partner of Paradigm, has assumed a position on Privy’s board of directors. This strategic addition brings valuable insights and expertise to Privy as it navigates its next phase of growth and development.

Privy has outlined its vision for the utilisation of the raised capital. The focus is on expanding the team and enhancing the library dedicated to developers creating on-chain applications. The startup’s commitment to recognizing the diverse nature of self-custody and crypto solutions is evident in its assertion that “Good crypto apps should just be good apps.”

A noteworthy aspect of Privy’s journey involves collaboration with Blackbird, a web3 loyalty app. Founded by Ben Leventhal, co-founder of the online restaurant reservation platform Resy, Blackbird raised $24 million in Series A funding led by Andreessen Horowitz on October 4.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.