Benzinga - Den, a multi-signature wallet provider for teams on Wednesday announced that it has closed an oversubscribed $2.8 million seed round, led by IDEO CoLab Ventures, with participation from Web3 leaders like Balaji Srinivasan, Packy McCormick, and Gnosis.
The company's application automates multisig signers coordination and enables teams to create complex on-chain transactions.
According to Den, the company has helped over 200 on-chain teams secure more than $130 million in assets and transact over $15 million in value.
"Den is the solution we wanted ourselves as operators inside of on-chain teams—a laser-focused experience that tackles the core problems that cause on-chain teams to move slower than their off-chain counterparts,” Ittai Svidler, co-founder of Den, said.
The problem of executing and creating transactions has been a major issue for on-chain teams, especially after FTX's recent influx of funds into cumbersome and clunky-to-use multi-signature wallets.
Den aims to change that with its innovative tech-first service that streamlines the process and abstracts away technical details to make transactions easy to understand and create.
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Reuben Bramanathan, general partner at IDEO CoLab Ventures, said, "Den's set of tools will be essential from both a security and efficiency perspective, and we're proud to support them."
The company offers a range of services, including human-readable transactions, a streamlined non-technical transaction builder, and automated, recurring transaction notifications.
"We've seen on-chain 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 new funds, Den plans to tackle other major challenges plaguing on-chain teams, such as user experience issues related to blockchain transaction fees and making it easy for on-chain teams to trade assets, generate financial and accounting statements, and customize permissions for securing on-chain transactions.
The new funding will contribute to growing Den's team and expanding its product development to continue solving the problems that slow down on-chain teams.
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