Particle Network, an middleware platform that supports Web3-based applications, has announced it raised $7M in seed money to facilitate the development of decentralized, blockchain-based applications.
ABCDE Capital led the round, and other prominent crypto investors like Animoca Brands (Animoca), Hashkey Capital (Hashkey Capital), GSR Ventures (GSR Ventures) and OP Crypto participated. In April of last year, the company raised $1.8 in pre-seed financing.
Particle provides middleware for developers that can be integrated directly into Web3 applications and crypto-assets, along with secure infrastructure to deal with them. The company offers two main services to achieve this: a wallet, and an easy-to-use login system.
Particle’s login service allows new users to log into apps with just emails, phone numbers or social media – or using their already existing crypto wallets. The app can be accessed via any method, making it easy to onboard new users. The code can be added by developers as well.
Wallets can also be integrated quickly through a “wallet-as-a-service” infrastructure that the company claims can be up and running in less than 30 minutes. The company claims that it offers a wallet API for decentralized apps which integrates quickly. Particle Wallet allows developers to easily allow users to purchase, swap, and sell tokens across different chains.
Platform also offers everything that developers require to enable customers to buy crypto directly from their app using money. Particle Network manages the licensing, regulatory compliance side so that developers can focus on developing and growing their app.
The software development kit, APIs and multiparty computing technology are used to ensure that users always retain control over their tokens when using Particle’s infrastructure.
Pengyu Wan, the founder of Particle Network told The Block that this is the way we assist developers and projects in lowering the barriers to end-users, particularly for non-crypto users. What makes Particle Network stand out is the fact that we do not sacrifice user autonomy. We don’t do anything evil because we use MPC technology. This allows us to give the users full control of their assets.
Particle Network offers developers a wide range of use cases, including: decentralized finance, such as yields and stakes; NFTs (Network Function Tokens) for marketplaces and collectibles; payments between peers and for commerce, pay-to earn mechanics in gaming, and digital identity for the metaverse.
Particle Network, in addition to its integrated middleware, provides powerful support for node API infrastructure, which can provide quick access blockchain data. This makes it easy to build an app that requires scalable data. The company also has an nonfungible token solution for managing and scaling NFTs – such as would be needed for a game or marketplace – so NFTs can be generated with different rarities, batch minted and tooled as needed.
Platform tools are available now for all blockchains that support the Ethereum Virtual Machine. This includes Ethereum, Solana Tron, and Polygon.
Wang stated that the platform, which was launched in October, has attracted more than 200 projects, including Web3 Ultiverse project, the gaming publisher FunPlus, and Chinese video game developers Perfect World. Wang said that the platform was designed to give developers a single-stop shop to focus on their business.