Martian Wallet's pre-seed round hits $3mn amidst $300mn transaction success

Web3 Wallet Martian raises $3mn pre-seed funding led by race capital, as it completes $300mn in transaction volume

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Published: Aug 31, 2023 04:46:29 PM IST

Updated: Sep 13, 2023 06:31:16 PM IST

New Delhi (India), September 4: Martian Wallet, a leading self-custodial wallet in the blockchain ecosystem, recently hit new heights hitting $300m in transaction volume. Martian also closed a $3 million pre-seed funding round lead by Race Capital and other marquee investors. The founders’ vision is to create a secure and straightforward method for interacting with Aptos and Sui blockchains, integrating both security features and user-friendliness to encourage mass adoption of blockchain technologies.

With over 1.5 million installs, close to 1 million of which are on the Aptos platform alone, and more than $300 million processed in transactions in recent months, Martian Wallet has been the default wallet for Aptos & Sui. This substantial growth is supported by partnerships with various decentralized applications, including Tortuga, Aptos Name Service, Topaz, Souffl3, Wormhole, and LayerZero.

The $3m funding round was led by Race Capital, with participation from other prominent backers such as FTX Ventures, Superscrypt, Jump Capital, and Aptos. Race Capital has expressed excitement about partnering with Martian Wallet, viewing it as a critical investment for its ability to serve as a main gateway for the Move ecosystem.

Founded by childhood best friends and computer science classmates, Utkarsh Sinha and Siddharth Jain, Martian Wallet's growth is a testament to robust technology and processes. The company started at the first Aptos Hackathon and has since grown into the most popular wallet on Aptos and the Move ecosystem.

Utkarsh Sinha, an alumnus of IIT Kharagpur and Columbia University and previously associated with McKinsey, shared his thoughts on the company's progress. "At Martian, our growth is testament to the robust technology and processes we’ve put in place. Raising more than $3 million in funding and reaching over 1.5 million installs is not just a milestone, but a sign of trust that we have earned through technical excellence. We believe in creating a seamless user experience while striving to improve security and privacy," said Sinha.

Sinha's co-founder, Siddharth Jain, an alumnus from IIT Kharagpur and Columbia University, emphasized the priority of users' security, revealing the innovative measures in place, such as key pair rotation in the Aptos system design, to maintain a secure environment for their users.

"At the heart of Martian is an unwavering commitment to technical innovation. With over $300 million in transactions processed, we've proven that our technology not only works, but it can scale and adapt to ever-evolving market needs. We're working on cutting-edge technologies like Multi Party Computation to make the Martian experience smoother and more secure,” said Siddharth Jain, Cofounder.

The integration of Martian with various Dapps and its focus on seamless onboarding into the Move ecosystem are complementary to existing investments in Aptos and Sui, making it a key player in this burgeoning web3 space.

“Our strong focus on building features and products that are technically advanced, safe and easy to use by crypto enthusiasts and beginners alike has led to Martian becoming the most popular wallet on Aptos and Sui blockchains. We are paving the way for a new era of self custody by empowering users to take control of their digital assets and explore the limitless possibilities of a decentralized future,” said Abhinav Bhardwaj, COO, an alumnus from IIT Kharagpur and London Business School.

As the blockchain space continues to evolve, Martian Wallet's commitment to innovation, security, user experience, and cross-chain efforts sets the stage for the next wave of blockchain adoption.

Martian’s expansion vision is to integrate defi capabilities and account abstraction with MPC to further simplify user experience. Continuing its steady upswing, the wallet estimates $100m to $150m in transaction volume in the next quarter.

For more information about Martian Wallet, please visit [Martian Wallet's ] or follow Martian on Twitter.

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