Why a Safer Web3 is Critical For The Survival of Our Industry: Why We Raised $5mm to Power Safety Products at Webacy
We’ve experienced a couple of extraordinary years in the blockchain and Web3 space. We’ve seen the rise and fall of the NFT craze where projects like Apes and Punks became household names. We’ve also seen the catastrophic effects of greed on centralized management of digital assets where other, more notorious names became the butt of jokes around scams and shady affairs. Throughout it all, blockchains have continued to hum: blocks are being added, one by one, and ledgers being expanded with no going back. The technology is sound.
One thing was quite obvious in 2021 when we started Webacy; that a force for good was not as present in the form of companies fighting to create products that all businesses and consumers can use to protect their assets from their own human error and external bad actors. Today, that has certainly changed. Webacy is a part of a movement to help bring consumers and businesses that own digital assets power to protect themselves using decentralized tools. We built a series of products we call the Safety Suite that allow you to monitor your assets (through an alert system), backup your wallet (if you lose your keys), trigger a panic button (if you believe you’re being compromised), and even set up your directives for when the inevitable comes (a will that is truly self-administering). We have more innovations coming down the pipeline, all built on smart contract technology that the user administers themselves on their own assets and their own wallets.
We believe that a strong combination of software and hardware solutions (Webacy’s smart contract protection + a hardware wallet) is the best “starter kit” for safety. A hardware wallet is simply not enough because you are still the weaker link (the human using it), and a software component is required to help you roll back or thwart issues as they happen. Webacy is that critical software component.
As we grow, we are excited to build Webacy as the strongest brand to help secure your digital legacy; the assets that you’ve accumulated and will hold for your lifetime as a representation of your wealth and of your activity and lifestyle. How can that legacy be truly protected? That is our ultimate mission as a company. We truly believe that most assets will be represented on the blockchain or blockchain-adjacent technologies; and we will be there to service them.
Today, we’re thrilled to announce that we’ve brought on some incredible partners to help us win on this journey. They are: gmjp, Gary Vaynerchuk & AJ Vaynerchuk, Mozilla Ventures, Soma Capital, Quantstamp, CEAS Investments, Dreamers, Miraise, DG Daiwa Ventures, to name a few. Previous investors, our even earlier supporters, include Pareto Holdings, Quiet Capital, LOI Venture, MetaverseHQ, Origin Protocol, and others. I couldn’t thank them enough, our team, and our customers throughout the globe.
Let’s continue to build a safer Web3. Let’s make self-custody and safety as common as wearing a seatbelt or a helmet. Let’s make new technologies inviting and enticing for the next 100mm customers; or else, we won’t have new customers, new players, or new innovation. And that is the biggest risk and opportunity for our industry: being a safe place to innovate.
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