Bitcoin Privacy Wallet Wasabi Raises $337k In First Funding Round, Valued at $7.5 Million
The privacy-focused BTC wallet Wasabi has recently raised its first equity investment ever. The CEO of Cypherpunk Holdings, Dominic Frisby, has recently affirmed that his company invested $337,500 USD in the Bitcoin wallet, which would put its valuation at around $7.5 million USD.
According to Frisby, the technology presented by the firm is extraordinary and even so early during its development, it had a pretty strong revenue model. Frisby wants to make at least three more investments in the privacy field. At the moment, his business is looking for VPNs, encrypted messaging systems and similar projects.
The co-founder of the lab behind the Wasabi wallet, zkSNACKs, Adam Fiscor, has affirmed that the developers managed to find a successful business model by charging fees from the mixer transactions made by the wallet. The company is able to get over $110,000 USD monthly from this. With the revenue going up so quickly, it could scale up pretty quickly.
As noted by Balint Harmat, the CEO of zkSNACKs, receiving the help of these new investors is very important for the development of the product. With the help of these strategic partners, Wasabi wallet will continue to scale its project and to take anonymous transactions to the Bitcoin network.
Moe Adham, the CIO of Cypherpunk Holdings, believes that Wasabi is similar to Samourai Wallet, another BTC wallet that received investments from the company recently. Both got impressive results so far and well-positioned in the market to be used by their client base.