Soul Wallet has raised a $3M funding round to improve seed phrase recovery for crypto wallets.
The company is set to launch by the end of 2023.
- oul Wallet officials claim that current crypto wallets are confusing for some crypto owners due to the complicated procedure of storing a seed phrase. If users forget the seed phrase, they cannot recover their funds.
- The company believes that modern crypto wallets should be more similar to social media or email passwords, where users can recover them in different ways.
- Soul Wallet's solution uses ERC-4337 to provide both security and easier usability for crypto users.
- The company is mainly focused on targeting new cryptocurrency owners in Africa and South America.