• Den, a wallet startup, has closed $2.8 million in seed funding led by IDEO CoLab Ventures and was joined by Gnosis.
• Den is building tools that make it easier for crypto projects to move their operations on-chain, as well as tools to make it easier for teams to initiate transactions.
• The founders experienced the coordination problems firsthand when ConstitutionDAO bid to buy a copy of the U.S. Constitution from Sotheby’s in November 2021.
Den Raises $2.8M Seed Round
Den, a multi-signature wallet startup, has closed $2.8 million in seed funding led by IDEO CoLab Ventures with other notable participants including Gnosis. The exact valuation was not disclosed.
Tools To Streamline Crypto Projects
Den is building tools that make it easier for crypto projects to fully move their operations on-chain and solve coordination issues when it comes to multi-signature wallets. This includes bots that send out recurring notifications to automate the coordination process and tools that allow teams to initiate a transaction and understand what’s going on in a token transfer.
Coordination Challenges Experienced By Founders
The Den co-founders, who are also behind the viral hit ConstitutionDAO, experienced the coordination problem firsthand when ConstitutionDAO put in a bid to buy a copy of the U.S. Constitution from Sotheby’s in November 2021 which required them to execute a single transaction worth over $40 million of Ethereum (ETH).
IDEO CoLab Ventures Leads Funding Round
IDEO CoLab Ventures led the round with participation from Gnosis and other unnamed investors – though the full valuation was not disclosed by Den at this time.
Conclusion
By solving coordination issues between multi-signature wallets and offering automated notifications for token transfers, Den is helping streamline blockchain based operations for crypto projects all around the world – something they have personally seen first hand with their involvement with ConstitutionDAO’s purchase of an original copy of the U.S constitution last year from Sotheby’s auction house