The funding round was led by Fabric Ventures and Metaplanet, with existing investors Paradigm, Index Ventures and Creandum, as well as strategic investors including Starkware, Jump and Animoca.

From high fees to limited use cases and questionable security, centralized exchanges and traditional wallets have been underserving consumers. Argent has systematically solved many of these issues, enabling customers to buy, trade and earn crypto at the tap of a button, reducing transaction fees from hundreds of dollars to cents, eliminating dated security measures, such as seed phrases, and all within a simple and clean user interface. Since announcing the launch of its new Layer 2 account last year, Argent has attracted more than 500,000 users.

Building a single app for all things DeFi and Web3

But its vision goes beyond financial use cases. Argent is building a single app for all things DeFi and Web3, and is actively exploring new features and verticals, including virtual real estate, gaming, DAOs and NFTs.

“For crypto to live up to its potential, it needs to break the stranglehold of big exchanges and incumbent wallets. The experience is too scary, expensive and insecure for most people. Argent fixes this”, said Itamar Lesuisse, Co-Founder & CEO of Argent.

“This latest investment will enable us to double-down on product development, bringing more DeFi and Web3 use cases to the app, and enable us to expand into South America, where due to high levels of inflation and a deep mistrust of institutions, our product market fit is especially strong”, continued Lesuisse.

“Wallets will be central to value accrual in web3 as users become sticky to their wallet provider. And people in particular will prefer offerings like Argent’s. Its self-custody, smart contract wallet combines security, usability and low fees”, commented Anil Hansjee, General Partner at Fabric Ventures.

Tacking use cases around the world

In response to rapidly growing demand from Latin America, Argent will also use the funding to expand in the region. People in the region have been drawn to Argent’s ability to help them avoid inflation and untrusted institutions, while giving them easy and secure access to new economic opportunities. Argent will initially focus on expansion into Mexico