The “social” cryptocurrency wallet developed by The Easy Company, a company whose primary focus is developing a consumer layer for the decentralized web, received an initial investment of $14.2 million. The main objective of this wallet is to facilitate the incorporation of more general audiences into the Web3 ecosystem.

According to TechCrunch, the first round of investment saw the participation of a diverse group of investors. These investors included Lobby Capital, Relay Ventures, and 6th Man Ventures, as well as Tapestry, Upside, and Scribble. Other investors included Lobby Capital, Relay Ventures, and 6th Man Ventures.

Angel investors who had experience in traditional social networks and Web3 also participated in the round. Among these investors were former executives from companies such as Instagram, Novi, Airbnb, Twitter, Uber, OpenTable and Eventbrite.

The wallet is said to have entered the public testing phase and is now available for both iOS and Android after going through a period of thirty days during which it was secretly tested.

Mike Dougherty, CEO of Easy, has stated that the company’s mission is to integrate engaging social elements with user-selected profiles so that anyone can search, navigate and discover the world of Web3 on their own.

According to Dougherty’s presentation, a significant number of the products and services currently provided by Web3 companies are too complicated for the typical person to use. The company’s mission is to make it easier for customers to interact with Web3 and use digital wallets by streamlining these processes.

The platform has a structure that is comparable to social media apps like Instagram, where users can swipe to see their own NFTs or those of others watching, similar to how Instagram Stories are displayed. Furthermore, the platform is said to feature a user interface comparable to that of social media apps like Instagram.

Despite the fact that the crypto winter has persisted for such a significant period of time, venture capitalists continue to provide significant investments for Web3 companies.