- EthSigns have piled up $12 MIllion, and its investors involves all 3 units of Sequoia VC, and is the initial time all have supported a sole funding round.
- EthSign is now strategizing to release an execution project titled Smart Agreements, which enables folks to execute signed agreements.
- This seed round enhanced the total funding to this date to $12.65 Million. The establishment formerly gathered $650,000 in a pre-seed round at the beginning of previous year.
$12 Million Seed Funding Round
EthSign, a Web3 framework startup, has piled up $12 Million in a seed funding round, and each unit of Sequoia VC — Sequoia China, Sequoia Capital India and Sequoia Capital — have supported its round.
This is the initial time all the units have come together to take part in a seed funding round in general, an not only in cryptocurrency sector, a spokesperson of Sequoia India stated to a news agency.
A Sequoia Capital spokesperson specifically verified that this is the initial time all have came together in a sole round.
EthSign’s seed round was co-led by Sequoia Capital India alongside Mirana Ventures. Other investors involved in the round were, Matrixport, HashKey Group, NGC Ventures, Circle Ventures, and Amber Group.
Angel Investors involving Thomas Vu (Riot Games), Tegan Kline (The Graph), Sid Powell (Maple Finance), Sandeep Nailwal (Polygon), and Balaji Srinivasan also supported the round.
EthSign gathered funds through an easy agreement of future tokens (SAFT) sale, Potter Li, its co-founder, stated to a news agency that during an interview. Sequoia Capital India was initially pledged to the round, then it transferred the deal to Sequoia Capital, and Li privately knew Sequoia China execs, so that is how all 3 units got on the deck, stated Li.
As per Li puts it, EthSign is similar to DocuSign’s decentralized version. This enables folks to sign and handle agreements digitally. Folks can sign in to EthSign through digital asset wallets like MetaMask, upload docs, and digitally sign it.
EthSign Strategizes to Release Execution Platform
To take a step ahead, EthSign is looking into releasing an execution platform titled Smart Agreements, This will enable folks to execute signed deals through smart contracts depending on predetermined conditions.
Smart Agreement is a self-executable smart contract along with escrow funds. Folks can pre deposit funds in escrow accounts, preset conditions, and if such conditions are met, escrow funds will be set free to a concerned party.
EthSign Smart Agreement is set to be released during the 3rd quarter in 2022.
As of now, there are no charges for its facilities, but it is strategizing on putting levies on escrow transactions as soon as the execution platform is released, stated Li. Its present users involves Amber Group as well as MetaMask.
There are presently 15 folks working on EthSign and Li alongside a couple of co-founders Jack Xu and Xin Yan, to inflate the size of team to roundabout 25 members in upcoming years.
This seed round intensified the total funding of EthSign to $12.65 Million.