ConsenSys-incubated crypto wallet Liquality raises $7 million in seed funding

Liquality, a multi-chain crypto wallet initially incubated by ConsenSys, has raised $7 million in a seed funding round.

The round was led by Hashed and Galaxy Digital, with participation from White Star Capital, Accomplice, Coinbase Ventures, Alameda Research, and others.

This was an equity funding round and will help Liquality to grow its team and support more blockchains, Liquality co-founder Simon Lapscher told The Block. Liquality's current headcount is 18, which has nearly doubled in 2021, and it is looking to hire at least six people more  across engineering and customer support functions, said Lapscher.

As for supporting more blockchains, Lapscher said Liquality plans to integrate Polkadot, Cosmos, Thorchain, Arbitrum, Solana, and the Lightning Network. The wallet currently supports Bitcoin, Ethereum, Rootstock, Binance Smart Chain, Near, and Polygon, meaning its users can swap tokens built on these blockchains. 

Liquality's core offering is atomic swaps, meaning two parties can swap tokens peer-to-peer. "Users and their counterparties can use atomic swaps to avoid paying unnecessary fees and minimize counterparty, settlement, and custodial risks," said Liquality's other co-founder Thessy Mehrain.

Liquality, currently available as a browser extension, also plans to go mobile in the near future, said Mehrain. 

Eventually, launching a decentralized autonomous organization (DAO) is also in Liquality's plans. "By creating a DAO, governance will be moved to the Liquality community," said Lapscher. "The goal of the DAO is to jointly vote on the roadmap and reward participation in a multitude of activities. Contributing in-wallet features, providing liquidity, securing the network or simply swapping are some of the ways anyone can participate and benefit."