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Soul Wallet secures $3 million in seed round funding for launching online self-hosted Ethereum wallets

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It is reported that Soul Wallet, the start-up company of Zeng Jiajun, the former product manager of ByteDance, has just raised $3 million in seed round financin

Soul Wallet secures $3 million in seed round funding for launching online self-hosted Ethereum wallets

It is reported that Soul Wallet, the start-up company of Zeng Jiajun, the former product manager of ByteDance, has just raised $3 million in seed round financing. Soul Wallet is used to provide online self hosted Ethereum wallets based on ERC-4337. According to founder Zeng, Saul Wallet is currently undergoing internal testing and plans to launch in the third or fourth quarter after a series of rigorous reviews. The team currently has over a dozen employees throughout the United States, Japan, Thailand, and China.

Saul Wallet Announces Completion of $3 Million Seed Round Financing

Analysis based on this information:


Soul Wallet, a start-up founded by Zeng Jiajun, the former product manager of ByteDance, has raised $3 million in seed round funding. The company intends to launch online self-hosted Ethereum wallets based on ERC-4337 in the third or fourth quarter. The Soul Wallet team consists of over a dozen employees, spread across the United States, Japan, Thailand, and China.

The increasing popularity of blockchain technology and cryptocurrencies has led to the development of several digital wallets or e-wallets, which allow secure storage and transactions of cryptocurrencies. These wallets typically require users to download software on their devices, and the private key is often stored on the device. Online self-hosted Ethereum wallets differ from traditional wallets in that they are cloud-based, and the private key is stored on the cloud rather than on the user’s device.

The decision to use the ERC-4337 protocol for Soul Wallet is notable, as it is designed to improve the interoperability of tokens on the Ethereum network. With this protocol, users can withdraw, transfer, and manage multiple tokens concurrently. ERC-4337 allows users to avoid the hassle of dealing with individual tokens separately.

Soul Wallet’s internal testing and subsequent launch after rigorous reviews can indicate the attention to detail that the company has for providing a secure and reliable product. The team’s distributed geographic location also suggests that they are aiming for a global user base.

The $3 million seed round funding is critical for start-ups as they rely on these initial investments to fund their initial operations and product development. Such funding enables them to generate revenue or attract larger funding in the future. The interest in Soul Wallet’s product can also be attributed to the growing use cases, popularity, and demand for Ethereum wallets.

In conclusion, Soul Wallet’s seed round funding for its online self-hosted Ethereum wallets with ERC-4337 protocol marks an important milestone for the start-up, and its future success will depend on the product’s reliability, security, and user-friendliness.

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