• Den, a multi-signature wallet startup, has closed $2.8 million in seed funding led by IDEO CoLab Ventures.
• Den is building tools that make it easier for crypto projects to fully move their operations on-chain and solve coordination problems when it comes to multi-signature wallets.
• The co-founders of Den are also core contributors of the viral hit ConstitutionDAO and experienced the coordination problem firsthand.
Den Raises $2.8M in Seed Funding
Den, a multi-signature wallet startup, has closed $2.8 million in seed funding led by IDEO CoLab Ventures with notable participants such as Gnosis also partaking in the round. The company declined to disclose its full valuation.
Building Tools for On-Chain Projects
Den is building tools that make it easier for crypto projects to fully move their operations on-chain which includes solving coordination issues with multi-signature wallets. These wallets require designated signers to approve a transaction before it can be executed on a blockchain, an issue that Den aims to address through automated notifications and bots designed specifically for these tasks.
The duo behind Den are also core contributors of ConstitutionDAO, the decentralized autonomous organization renowned for its bid on Sotheby’s copy of the U.S Constitution last November 2021. It was then when they encountered first hand the coordination problems associated with executing single transactions across multiple signers when they had to swap over $40 million worth of Ethereum from one currency into another within 48 hours – an experience which shaped their vision for developing better solutions for on chain organisations moving forward.
The Importance of Coordination
Coordinating is often cited as one of the biggest challenges faced by on chain organisations – something that Erlich and Svidler have identified as being key towards making decentralised systems more efficient and reliable going forward. By developing tools designed specifically to facilitate this process, Den hopes to bridge this gap between traditional centralised networks and those running entirely on blockchain technology or smart contracts platforms such as Ethereum’s own Solidity language..
Making Crypto Projects Easier
By creating solutions which automate complex processes like token transfers within multi signature wallets, Den is aiming to making crypto projects simpler and more accessible than ever before – allowing users who may not have technical knowledge about how blockchains operate but who still want access to its benefits without having to worry about coordinating activities between multiple parties or understanding complex scripting languages like Solidity . This could open up an entire new world of users who may have previously been too intimidated by decentralised technologies without sacrificing any security or reliability guarantees offered by current systems built upon them today..