Startup Seeking to Make Crypto Mainstream Raises $6M

TipLink, a crypto startup working to enable the sharing of digital assets using only a link, revealed today it had successfully raised $6 million in a seed round. The funding round was led by Sequoia Capital and Multicoin Capital and supported by numerous other well-known firms.

TipLink Working to Enable the Sending of Digital Assets “In a Frictionless Way”

According to a Tuesday announcement, TipLink, a startup working on a way to share digital assets using only a link, successfully raised $6 million. The seed round was led by Sequoia Capital and Multicoin Capital and was further supported by Asymmetric, Big Brain Ventures, Circle Ventures, Karatage, Monke Ventures, Paxos, and Solana Ventures, as well as  Vinny Lingham, Liu Jang, and Sarah Guo.

The startup explained in the press release that its mission is to help speed up mainstream cryptocurrency adoption. According to the company’s CEO, Ian Krotinsky, widespread adoption is hampered by “a tremendous amount of friction”. As an example, he stated that the current process for setting up a wallet is far too convoluted for mass appeal and added that his firm’s approach could alleviate many of the current issues by making the sharing of digital assets as simple as receiving a link.

Furthermore, the press release also revealed that the firm’s technology already saw success in September during a beta launch when numerous NFTs were shared using QR codes. Sequoia’s Daniel Chen stated that his company believes that “TipLink has the potential to onboard the first billion people into crypto”, while Spencer Applebaum of Multicoin said that the startup “will transform the way digital assets are shared in more casual settings.”

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Institutional Appetite for Digital Assets Still High Despite 2022 Setbacks

While 2022 saw a major downturn within the cryptocurrency industry, with some major firms like Sequoia Capital being significantly burned by the collapse of FTX after investing billions into the exchange, numerous companies have shown their continued interest in digital assets. Already in early January, data demonstrated that companies were preparing to reengage in the sector, despite institutional participation being at a low for the time being.

Apart from companies like Sequoia, which continue to help fund digital assets startups. as evidenced by TipLink’s successful seed round. major financial institutions are reportedly working on improving their blockchain capabilities. Furthermore, America’s oldest bank, BNY Mellon, recently called digital assets their “longest-term play”.

Other recognizable names from across all sectors are quietly building their presence as well. Amazon is reportedly working on an NFT initiative set to be announced in April, and Walmart filed for several Web3-related trademarks in early February. While overall interest in non-fungible tokens seemingly rested near zero by the middle of 2022, the recent launch of Blur’s tokens has demonstrated a major resurgence as the marketplace saw record-breaking daily volumes.

Editorial note (February 22nd, 2023, 7:07 PM EST): The title was updated to improve clarity.

Do you think reducing the barrier to entry by enabling digital asset sharing via links could help significantly boost crypto adoption? Let us know in the comments below.