Company raises $3M more to have valuation at $30M
The company Cashmere offers enterprise wallet management for Solana blockchain users.Cashmere was created to help companies store crypto assets securely even if “hot wallets” were to be compromised.
Recently the company was able to secure another $3 million in seed funding from a funding round on Monday. This helped the final valuation reach $30 Million.The funding round was joined by Coinbase Ventures,YCombinator,Volt Capital, Project Serum,Global Founders Capital, CreditEase, Soma Capital, and FBG Capital. The company raised $650,000 pre-seed funding back in November of 2021.
The Cashmere wallet allows multi-sig (multi-signature) signing for firms to control company wallets. This is a scheme in which multiple wallets have to approved a transaction before any funds are moved out, this means there is no single point of error or failure and thus transactions are safer and more secure.
Cashmere’s latest fundraising comes at an opportune moment as many are finding themselves more and more wary of Solana wallets, especially after a mysterious hack from last week where more than 8000 wallets were compromised. Cashmere is touted as offering “institutional-grade security without the need for cold-storage options” External wallets are known as cold storage and these are known to be safer than hot wallets such as Phantom but can be a bit impractical in certain situations.
The company has seen many big name companies make good use of the Cashmere platform such as OpenSea. The client base of Cashmere is very diverse ranging from crypto hedge funds, NFT projects, and even gaming companies. The funds are going to be used to hire more engineers for a premium product launch later this year.