Ethereum-based Mobile App platform raises $1.25 million in funding round

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Ethereum High Fees and Slow Speed to be Solved Through Developers Newly Funded Mobile Apps
Ethereum High Fees and Slow Speed to be Solved Through Developers Newly Funded Mobile Apps

Numio, a cryptocurrency payment and identity management startup has successfully closed a $1.25 million seed funding round. HashKey Capital led the investment, followed by angel investors including LD Capital, Youbi Capital, Caballeros Capital, DVC, ZMT Capital, Yan Suji from Mask Network and Cecilia Li, former investment director of OK Group.

The Ethereum blockchain has seen explosive growth over the past 12 months, cementing its position as the leading decentralized financial network (DeFi). While Ethereum’s overall growth is positive, it has resulted in high fees and slow transaction speeds.

Ethereum Mobile App Removes Limitations Using Ethereum’s Layer 2

Numio has developed a mobile application that removes these limitations by using Ethereum’s Layer 2. The integration of technologies like zkRollups from zkSync means that transactions on Numio’s Tier 2 wallet are instant and about 100 times cheaper than standard Ethereum.

The Numio application was released in December 2020. It enables users to use a more secure form of two-factor authentication than Google Authenticator to securely make payments and access online platforms. The app’s zkProof technology also enables users to prove their identity to third-party platforms without sending their identification documents. Numio is currently working with partners like PhoenixDAO and BTI Verified to protect their platform.

The new features currently being developed are Layer 2 cryptocurrency transactions, pooling, staking, e-commerce, and the ability to buy things in stores.

Fund Raised to Attract Users

The funds raised in this round will be used to continuously attract users, further develop our DeFi roadmap and expand the Numio team.

Tim Allard, Numio’s Chief Technology Officer, said, “Bringing a scalable and user-friendly Ethereum experience to all is at our core and this funding round allows us to take Numio to the next level”, said Numio Chief Technical Officer, Tim Allard. “Our Layer 2 focused app and extended roadmap are packed with the features and utility that our users demand, and we couldn’t be happier to have the support from our investors to help bring our vision to life.”

Lead investor Haskey Capital commented, “We are delighted to be an early investor in Numio. We were first attracted by their early adoption of zkRollups from zkSync, a Layer 2 solution that we appreciate greatly.

Numio is the first and only native wallet in the zkSync ecosystem. It is easy to log in, integrates Defi and on/off ramp functions and the barrier to using it is very low. Numio is the easiest way for users to access Ethereum’s Layer 2.

We see Numio as a company who are knocking on the door of mass adoption for decentralized applications.”