Reddit's Ohanian Puts $18M in Ethereum Wallet Rainbow
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16 February

Ethereum wallet Rainbow has raised $18 million in a Series A funding round led by Alexis Ohanian's venture firm Seven Seven Six, TechCrunch reports. The latest funding closed past October and followed a $1.5 million seed round. Rainbow Co-Founder, Mike Demarais, said the company plans to make its digital wallet an ultimate crypto hub "on everyone's home screens."

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"Since the beginning, we have been super design-centric, and what that is really meant is that we fundamentally started from scratch and designed the wallet for our needs as builders and users, but really what’s that turned into is a departure from previous wallets, which have for a long time have been this super utilitarian, quasi-developer tool," he continued.

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Currently, Rainbow is planning to challenge MetaMask on mobile market as ConsenSys-backed wallet holds less of a presence in this space:

"You are not going to walk into a coffee shop and pay with MetaMask, that experience sounds nightmarish, like… kill me."

Previously, iHodl reported that Ohanian's venture firm called 776 Management raised $500 million for two new funds to invest in crypto startups. According to reports, crypto startups account about 40% of 776 Management's deals to date, including Axie Infinity, Lolli, and CoinTracker. As per Ohanian, the crypto market will be the "majority of the portfolio by the end of this year."

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