Pantera Capital, a cryptocurrency hedge fund and investment business led a $4.5 million investment in Sender, a crypto wallet for the NEAR Protocol ecosystem.
According to a statement, Crypto.com, Jump Crypto, Amber Group, WOO Network, SevenX Ventures, Smrti Labs, D1 Ventures, Puzzle Ventures, Shima Capital, Eniac Ventures, and GFS Ventures also invested in the round, which valued the wallet at $45 million. The investment was set up in the form of a token sale.
The transaction was completed in April 2022, before much of the recent upheaval in the crypto market. Token values have plummeted this year, and several big crypto firms, including the Terra blockchain, hedge fund Three Arrows Capital, and loan service Celsius, have gone bankrupt in recent months.
Sender is a noncustodial wallet that allows users to rapidly trade tokens, stake them for future rewards, and hold NFTs. Sender may also link to hardware wallets like Ledger and Keystone, as well as integrate crypto on-ramp services like Moonpay, Banxa, and Transak, according to the statement. It claims to have received over 500,000 downloads across desktop and mobile platforms.
“As the leading crypto wallet in the NEAR ecosystem with a complete suite of browser plugins and iOS and Android apps, Sender is seeing tremendous user growth and we are excited to help them reach the next level,” said Paul Veradittakit, general partner at Pantera Capital.
The funds will be used to support a wallet for institutional and corporate customers, a transaction aggregator for NFTs, node staking, and the integration of several decentralized exchanges to make token exchanging easier.
“Current market dynamics have proven to be a powerful catalyst for development, and Sender has many exciting features in our pipeline, and will bring more Web2 users into the Web3 world,” Sender’s founder Kenny Qi said in a statement. “I expect Sender to exceed 10 million users by the time the new market hotspot arrives next year.”
The Near blockchain’s total value locked (TVL) is currently a little over $373 million. Its TVL was close to $600 million in May.