The UK-founded startup Argent has raised $4 million from Index Ventures, Creandum, firstminute, Hummingbird, and Mattias Ljungman (partner at Atomico). The company works on a product that it touts as “the first smart wallet” for cryptocurrencies and blockchain applications based on the Ethereum blockchain.
Argent’s mobile app for Android and iOS allows users to access their cryptocurrency assets, as well as blockchain applications. According to Argent, the app is as secure as banking apps and doesn’t require any technical knowledge to use. The startup expects that the ease of use of the product would drive the mainstream adoption of cryptocurrencies and blockchain in general.
“The challenge we set ourselves was to offer the usability and security of great banking apps, but without the bank,” said Julien Niset, chief science officer and co-founder of Argent. “We wanted the user, not us, to be in control. We’ve achieved this by building Argent on smart contracts, code embedded in the blockchain that cannot be tampered with. Our smart contracts let users, for the first time, recover their wallets without a paper backup, set daily transaction limits and block fraudulent transactions. This makes Argent safer and easier to use than other wallets.”