Hong Kong-based blockchain wallet infrastructure startup Openfort has successfully raised $3 million in its recent seed round fundraising.
The investment was led by Newman Capital, a venture capital firm known for its focus on Web3 technologies. Co-leading the round were gumi Cryptos Capital and Maven 11, with participation from Game7 and NGC Ventures.
Openfort aims to drive Web3 adoption in the gaming industry by providing a cutting-edge programmable wallet-as-a-service solution.
The company’s innovative use of account abstraction technology has the potential to revolutionize Web3 gaming, making it accessible to a wider audience and introducing a new era of immersive gaming experiences.
The investment from Newman Capital will enable Openfort to accelerate the development of its high-efficiency Web3 infrastructure, middleware, and tooling. These advancements are essential for the creation of top-quality, user-friendly Web3 applications that offer a seamless and frictionless experience for all users, whether they are Web3 natives or newcomers to the technology.
Adrian Lai, Founder and Managing Partner at Newman Capital, expressed his enthusiasm for supporting Openfort’s mission. He highlighted the unique technological challenges of Web3 gaming and emphasized the importance of advanced tools to overcome these hurdles.
Lai believes that Openfort’s account abstraction-enabled gaming wallet will play a crucial role in delivering a seamless and secure user experience, ultimately driving the mass adoption of Web3 gaming.
Openfort’s wallet-as-a-service solution allows game developers to easily integrate blockchain accounts into their games. The platform leverages account abstraction technology to offer seamless transactions, batch transactions, and multi-chain transactions, while also providing player management and authentication.
By eliminating gas fees, wallet popups, and prompts during gameplay, Openfort ensures a superior user experience for games and gamified experiences. Additionally, the platform supports ERC20 tokens, further enhancing its compatibility with a wide range of applications.
As a proprietary venture capital firm, Newman Capital possesses a strong presence throughout Asia and the US. The firm’s extensive knowledge and network enable it to connect diverse communities and identify extraordinary founders and technologies at the forefront of the Web3 movement.
Newman Capital focuses on investing in early-stage consumer-facing applications and related infrastructure within the entertainment, social, and gaming sectors, with the aim of unlocking new opportunities and enabling scalable impact.