Status wrapped up a $100 million financing round based on sales of SNT tokens. The decentralized browser project, equipped with messaging and cryptocurrency wallet features on Ethereum, promoted Nabil
Status wrapped up a $100 million financing round based on sales of SNT tokens. The decentralized browser project, equipped with messaging and cryptocurrency wallet features on Ethereum, promoted Nabil Naghdy to the role of chief operations officer. Naghdy spent years running Google Maps and Google Flights, both reaching billions of users.
Two announcements coincided with the executive hire. Status unveiled its Hardwallet at Ethereum's DevCon3 gathering. The device taps NFC, a wireless standard built into most payment terminals. It lets crypto holders transact without connecting cables.
Most wallets in use today need a wired connection to send or receive crypto. As digital currencies inch toward everyday use, that dependency presents a real bottleneck. The Hardwallet stores, sends, and receives cryptocurrency with just a contactless tap.
"Existing crypto-wallets require a wired connection to perform currency transactions," Status said in its announcement. "As cryptocurrency becomes mainstream, there's a need for seamless and secure crypto transactions. Status Hardwallet is in development and will allow users to store, send, and receive cryptocurrencies contactlessly with built-in NFC."
The device works with bitcoin, Ether, and ERC20 tokens. No competing hardware or mobile wallet supports NFC-based transactions. This gives people a way to hold and move crypto outside the Status platform itself.
Naghdy sketched how Status fits within crypto's moment. "As part of an explosive, nascent product category, Status and the Ethereum ecosystem are at an inflection point. Fortunately, there's an exceptionally active community pushing blockchain and Ethereum toward a bigger stage. We're leading the space and making headway in bringing blockchain to the mainstream," he said. His mandate involves expanding the user base and turning Status's core technology into products users pay for.
The third piece of news was a $1 million fund for open source work. Status will reward developers who find security gaps, report problems, and contribute code to blockchain initiatives.
Carl Bennetts, a Status founder, characterized the push toward decentralized development. "Status is fully committed to making decentralization a reality. We are aware that there are challenges and there is a lot of work to be done, but our goal remains to create an Ethereum-powered world for all. We will continue to invest ourselves in the future of blockchain and push to build a strong open source community," he said.
Status distinguished itself from other token-financed startups by shipping concrete products, not promises. Most companies that raised capital through token sales announced roadmaps and delays. Status released a hardware wallet and began paying developers within months of its funding close.
