Venture capital firm a16z crypto provides $4.2 million in seed funding to web3 company Pimlico


UK-based Pimlico has raised $4.2 million in a seed round led by a16z crypto and aims to improve the Ethereum network by introducing multi-purpose smart accounts via ERC-4337.

Pimlico is a UK-based web3 infrastructure company successfully obtained $4.2 million in seed funding, a major boost led by a16z cryptocurrency. The company aims to use the investment to expand its business.

Pimlico’s core mission is to enhance the user-friendliness and functionality of the Ethereum network by implementing smart accounts through ERC-4337 (Account Abstraction Protocol).

The introduction of smart accounts is Pimlico’s response to the limitations of Ethereum’s current structure, where each account is limited to one private key. Kristoff Gazso, CEO of Pimlico, emphasized that smart accounts are a game changer, offering a wealth of customizable options.

These include innovative solutions for Gas sponsorship, using ERC-20 tokens for Gas payments, advanced account recovery methods, and establishing spending limits. Furthermore, they aim to incorporate modern authentication methods such as FaceID or keys to enhance security and user convenience.

This recent financial milestone follows Pimlico’s successful raising of $1.6 million in a pre-seed funding round on September 24, with participation from 1confirmation, Safe, Consensys and more than 10 other donors.

Gazso clarified the strategic timing of the financing, saying it comes at a “pivotal point” for Ethereum (ETH). Pimlico was built on the premise of making Ethereum more accessible, and through a new generation of smart accounts, it is poised to provide the necessary infrastructure to realize this vision.

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