A16z Crypto Startup School invests in crypto wallet infrastructure startup Capsule
Capsule, a crypto wallet infrastructure startup, emerged from stealth with funding. Andreessen Horowitz (via its accelerator Crypto Startup School) and Geometry co-led the funding, Capsule said Tuesday, without disclosing the raised amount. A16z's CSS accelerator program typically invests $500,000 in participating startups in exchange for 7% equity, according to its website.
Capsule was founded last year by Nitya Subramanian, a former head of product at the Layer 1 blockchain Celo, to help developers create wallets with interoperable transacting. Rivals include Web3Auth and Coinbase's recently announced Wallet as a Service product. Capsule's closest competitors build embedded wallets that are limited to specific applications and onboarding," Subramanian told The Block. "Capsule's main difference is the ability to create wallets that interact with every app to maximize the benefits developers gain by building on crypto rails.
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