Winklevoss Capital And Coinbase Back $1.8 Million Crypto Startup

A new crypto startup which makes it easier for developers to put crypto wallets in their applications recently announced a new seed round with the participation of partners including Galaxy Digital, Winklevoss Capital and Coinbase.

Bitski is the name of the startup that is making waves in the Coinbase news today – as a developer platform which can help the crypto sector overcome a key hurdle. For most of the people, setting a crypto wallet is a pain. This is where the Winklevoss Capital and Coinbase backed startup comes in and lets you have one pre-loaded into your favourite application.

As the co-founder and CEO of the Bitski crypto startup named Donnie Dinch recently stated when asked about the $1.81 valuation in fresh capital:

“We’re using this money to expand the funnel of people that are building on blockchain.”

What’s also important to note is the fact that Bitski raised a total of $3.54 million in the fundraiser, including a late 2018 pre-seed round, according to Dinch. The crypto startup also announced its product and how it is being used by a pair of game development studios, an Ethereum-powered betting site and YouNow which is a live-streaming platform.

“There are a lot of projects out there that are interesting to the core crypto users but we’re trying to work on things that have broad mainstream appeal,” Dinch noted.

He also added that he is excited for Bitski and how it will “help catalyze the next wave of companies integrating blockchain into their products.” With Winklevoss Capital and Coinbase as one of the main backers, the startup will aim for a lot more good things in the future.

Speaking of, the simple UX does come with a tradeoff when it comes to self-custody. According to Dinch, the bet is that most users will prefer to have a third party that will be handling the key management for them.

The Bitski crypto startup could be a major on-ramp and accelerator for new crypto users, according to experts commenting the recent cryptocurrency news.

“Bitski is a necessary experiment to (re)imagine how we interact with blockchains. They remove the friction and difficulty of wallet management, while preserving security and increasing portability,” said the compound protocol founder Robert Leshner who also participated in the seed round through his venture fund.