Following a Successful Pilot Program with Leading Onchain Teams, Den’s Reimagined Multisig is Positioned to Transform How Teams Operate Onchain and Transition the World to a Crypto-native Economy.
NEW YORK - Feb. 22, 2023 - Den, the leader in multi-signature wallets for teams, today announced an oversubscribed $2.8M Seed. Led by IDEO CoLab Ventures, the round had participation from prominent web3 leaders including Packy McCormick, Balaji Srinivasan, and Gnosis. Den’s team-centric application automatically coordinates multisig signers, decodes transactions to make them human-readable, and allows teams to create complex onchain transactions intuitively. Tackling the key problems that make onchain teams slow, Den has already helped more than 200 onchain teams secure $130M in assets and transact over $15M in value.
“More DAOs and traditional organizations are operating onchain than ever before despite the bear market, but they’re still struggling with basic operations that offchain teams take for granted,” said Ittai Svidler, co-founder of Den. “Den is the solution we wanted ourselves as operators inside of onchain teams — a laser focused experience that tackles the core problems that cause onchain teams to move slower than their offchain counterparts.”
Creating and executing transactions continues to be a serious issue for onchain teams, especially in the wake of FTX, which caused an influx of funds into cumbersome and clunky-to-use multi-signature wallets. Onchain teams have been executing more and more transactions throughout the bear market, but teams still waste days trying to execute simple transactions. Many teams divert engineering resources to build custom internal tools to create these multisig transactions. Den aims to change that through its innovative tech-first service that automatically coordinates multisig signers and its streamlined interface that abstracts away technical details to make transactions easy to understand and create.
“As internet-native organizations start to realize their full potential, the intersection of offchain intentions and onchain actions will become even more critical,” said Reuben Bramanathan, General Partner at IDEO CoLab Ventures. “Den’s set of tools will be essential from both a security and efficiency perspective, and we’re proud to support them.”
For onchain teams looking to spend less time creating and executing transactions, Den offers:
“We’ve seen onchain teams replace internally developed tools with Den since it allows them to operate faster and eliminate significant engineering work,” said Jonah Erlich, co-founder of Den. “With the fast-paced growth of onchain activity, we are well-positioned to serve onchain teams as their needs become more sophisticated.”
Den has upcoming plans to tackle additional major challenges plaguing onchain teams. Den is now venturing into solving user experience issues related to teams’ blockchain transaction fees, so teams can stop worrying about managing resource utilization. Den is also moving into solutions that make it easy for onchain teams to trade assets, automatically generate financial and accounting statements and customize permissions for securing onchain transactions, all of which have been notoriously difficult for onchain teams. The new funds will contribute to growing Den’s team and expanding its product development to continue solving the top problems that slow down onchain teams. To learn more, visit https://onchainden.com/.
ABOUT DEN:
Den is the fastest multi-signature wallet for onchain teams that helps them create and execute onchain transactions 10X faster. Den automatically coordinates multisig signers with recurring transaction notifications and decodes complex transactions into human readable information so signers understand the transactions they’re approving. With its reimagined transaction builder, Den abstracts away the technical parts of creating multisig transactions. Visit https://onchainden.com and @OnChainDen to get the latest information.
ABOUT IDEO COLAB VENTURES:
IDEO CoLab Ventures invests in big ideas and good humans. We’re hands-on builders, designers and operators who focus on elevating cutting edge technology through design. We partner with visionary founders at the earliest stages to help them create products and protocols that people love. Say hi to us @IDEOVC.
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Den Technologies Inc Media Team
SOURCE:
Den Technologies Inc
