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Rhinestone, a Modular Smart Accounts Developer, raised $5M in Seed Funding led by 1kx


Modular Smart Accounts Developer

August 14, 2024


Rhinestone, a startup focused on developing modular smart accounts infrastructure, has raised $5 million in seed funding. The funding round was led by crypto-focused investment firm 1kx, with additional support from CoinFund, Lattice, Heartcore, Circle Ventures, Alchemy Ventures, zkSync, and Cyber. Angel investors from Biconomy, WalletConnect, WorldCoin, Lit Protocol, and Pimlico also participated.

Project

Latest Raise

Latest Raise Date

Stage

Total Raise

Lead Investor

Category

Rhinestone

$5M

August 14, 2024

Seed Round

$5.42M

1kx

Wallet, EVM

This seed funding brings Rhinestone’s total raised to $5.42 million. Rhinestone’s infrastructure supports smart accounts, which are digital wallets governed by smart contracts instead of private keys. These programmable platforms enable direct activities within a user’s account, unlike traditional wallets like Metamask, Rainbow, and Coinbase Wallet.


Modular smart accounts are part of the broader “account abstraction” concept introduced in Ethereum Improvement Proposal 4337, which enhances wallet capabilities with features like multi-party transaction signing, fee subsidies, and two-factor authentication.


With the new funding, Rhinestone plans to expand its team, further develop its smart account infrastructure, and grow its developer incentive program.


About Rhinestone

Rhinestone is developing a platform to transform smart accounts into an open innovation ecosystem. Their mission is to enable developers to create powerful on-chain products that are user-owned, trustless, and positive-sum, without compromising user experience. The Rhinestone Protocol acts as an interoperability layer between accounts, modules, and users, allowing for portable, secure, and extensible smart accounts. This infrastructure supports modular account abstraction, enabling developers to build and monetize smart account modules, while users can discover and install these modules to enhance their digital wallets.


 

About Investor

Investor: 1kx

1kx is an early-stage investment firm that focuses on the growth of ecosystems within the cryptocurrency sector. They specialize in helping founders bootstrap token networks by providing hands-on advisory services for the creation, design, and iteration of token models. With a strong emphasis on community building, 1kx aims to support the best and brightest ideas in the Web3 space, fostering economic sustainability and innovation. The firm is dedicated to exploring the art and science of network building, striving to bring the best possible version of a decentralized future to life.


Location: Amsterdam

 

 

 

A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.

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