Turkish startup Clave, which started as a hackathon project, received an investment of $1.6 million

Clave, the domestic blockchain project that has become one of the notable startups in the international blockchain arena, completed the early stage seed investment process of $1.6 million, led by Matter Labs, one of the leading names in the blockchain industry, with many industry pioneers such as Safe, Lambda Class and Mirana Ventures.

The Clave team, which started its journey as a hackathon project with the great interest from the blockchain industry after becoming a finalist, accelerated its product development and realized the early stage investment tour in 2023. Under the leadership of Matter Labs, which developed the zkSync blockchain network, they launched the investment tour with the aim of building a user-friendly bridge between the worlds of traditional finance and decentralized finance. The journey was completed with the participation of Safe, Lambda Class, Mirana Ventures and leading names in the industry such as Sandy Peng and Doruk Ismen from Scroll, Raj Parekh from Portal, Anurag Arjun from Avail and Turan Sert, whom we know from the local ecosystem, as angel investors.

What is Clave?

Clave, which aims to make decentralized finance accessible, safe and easy for everyone, is a decentralized smart wallet project. Unlike many of the currently used decentralized wallets, it provides security at the hardware level with features such as Passkeys available on everyone’s devices, thus offering its users the safest possible user experience. Going beyond being a classic decentralized crypto wallet, Clave offers its users the ability to easily request or send money via links or usernames, and to split their payments to multiple people, just like they can in a traditional finance application. Thanks to the continuity of crypto, users can send money anywhere in the world in seconds and interact with any decentralized financial applications they want using the zkSync network.

What happened after the investment round?

Baki Er, one of the founding partners of Clave, which has built a bridge by bringing together the features needed in the traditional and decentralized finance worlds, says that they aim to eliminate the user experience deficiencies within the Web3 ecosystem and adds:

“We started our research to bring the convenience of Web3-based digital applications that we are all accustomed to and use frequently in our daily lives, to uncustodial wallets. We observed that current decentralized wallets offer an inadequate and complex experience and also have a major security vulnerability for users. Seeing that many users every day lose access to their assets because they lost their keys or their accounts are hacked with various phishing methods, gave us the idea of how difficult it can be for more people to switch to crypto with these problems and that they need to be eliminated in order for more people to come. Inspired by the Account Abstraction research that has been discussed for a long time within the Ethereum community, we took a big step to solve these problems and bring the Web2 experience to Web3 and started to develop Clave. Throughout this process, we encountered great interest from the domestic and global ecosystem, and this interest was crowned with an early stage investment round involving industry leaders. This investment has been an important building block for us to make Clave a bigger actor in the global arena in the coming period and to continue the R&D development of the product. We are adding ideas to our plans for 2024 to make Clave not only a crypto wallet but also a payment tool, and we will continue to take rapid steps towards becoming one of the projects that can leave the domestic ecosystem and have a say in the global arena.”

Source: Egirisim / Prepared by Irem Yildiz

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