Leap, a company developing a non-custodial crypto wallet for the Terra blockchain, announced a $3.2 million funding round on Tuesday. The funding was led by CoinFund and Pantera Capital, with participation from Arrington Capital, Accel, and Terraform Labs, according to a news statement.
If Leap’s litepaper projections are correct, the investment round will be worth $40 million. Sanjeev Rao, the company’s founder, declined to comment on the valuation. According to Rao, the MetaMask-like crypto wallet, which has over 4,000 downloads, facilitates asset transfers, non-fungible token (NFT) exchanges, and decentralised finance (DeFi) apps across the Terra ecosystem, which is powered by LUNA and the stablecoin UST. Mobile apps for iOS and Android are on the way, according to Rao.
According to DeFi Llama, Terra is in a “hyper growth phase,” with UST’s market cap increasing ten-fold as the chain’s total value locked (TVL) reaches $30 billion, second only to Ethereum. According to Rao, Terra is bringing “a lot of new users into the sector”. Therefore, Leap Wallet’s integration of dapps and NFTs into one “super wallet” lets those who are new to crypto interact with the blockchain. Leap, Terraform Labs’ own non-custodial wallet, is Leap’s main rival. A native governance token will be released by Leap as part of a token-reward scheme for active wallets. Users will be able to purchase NFT collections through the Leap app.
In Leap’s non-custodial design, only wallet users have access to their private keys. This provides the benefits of being your own bank while also establishing personal accountability and raising risk. People might still be duped by copycat websites, according to Rao.
Read more: Peter Schiff criticises Terra’s UST
