Argent, a London-based startup that provides improved security for crypto wallets, has raised $40 million in Series B funding. 
Created in 2017 by Belgian entrepreneurs, including the founders of brain training app Peak, Argent offers its more than 500,000 users a smart wallet where they can buy, store, and sell cryptocurrencies. The startup wants to offer users a product that is as secure and stable as bank accounts at neobanks like Monzo or Revolut.
“We’ve solved the issue of security in non-custodial crypto wallets, measuring up usability versus security to create an easy to use product, now we are focused on scalability,” Argent CEO Itamar Lesuisse told Insider. “We have spent time in transition building out our Layer 2 product as we see Argent as being a super app with thousands of use cases.” 
Layer 2 refers to third-party integrations that can be built on top of an existing layer 1 network, such as Bitcoin or Ethereum.
“Crypto is still very elitist and the technical knowledge needed is high,” Lesuisse added. “We have the foundations of what is possible to help real people access crypto all over the world.”
Much of the company’s recent growth has comes from overcoming the hurdle presented by high transaction fees from the Ethereum network, which peaked at around $15 per transaction in gas last year. Lesuisse said crypto is often too expensive or insecure, which has prevented more mainstream adoption. 
The Series B funding round was led by Fabric Ventures and Metaplanet, alongside existing investors including Sequoia-backed Paradigm, Index Ventures and Creandum, and strategic investors including Starkware, Jump, and Animoca.
Argent will use the fresh funds to offer new products as it bids to move beyond its DeFi roots into becoming a broader play with new areas like virtual real estate, gaming, DAOs, and NFTs in the works.
The company wants to more than double its 25-strong team by the end of 2022, particularly in product design and engineering functions. Similarly, the company has earmarked the Latin American market as a key growth hub and will base its operations out of Mexico. 
Check out Argent’s Series B pitch deck below:
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