Openfort Raises $3 Million in Seed Funding to Revolutionize Web3 Gaming Wallets

Openfort, a cryptocurrency infrastructure firm, has acquired $3 million in seed funding to improve its “wallet-as-a-service” software platform for game developers and publishers. Gumi Cryptos Capital and Maven 11 led the round, with participation from Game7, NGC Ventures, and Newman Capital.

Openfort’s goal is to deliver a smooth and effortless wallet technology solution to video game producers. Their product line includes a variety of APIs that may be integrated into internet games as well as PC games created with Unity and Unreal Engine 5. Furthermore, in order to respond to the growing mobile gaming market, the company is actively creating a mobile game support option.

Openfort seeks to facilitate the integration of cryptocurrencies and blockchain functionality into gaming experiences by providing this “frictionless” wallet solution, allowing developers to effortlessly exploit the benefits of Web3 technology.

According to co-founder Joan Alavedra, the goal of Openfort is to develop a user experience that removes the difficulties that are often associated with bitcoin transactions. Alavedra proposes a smooth contact in which the inconvenient features are “abstracted” by technology.

“All the cliches around interacting with wallets—they can finally disappear,” Alavedra said. “A very interesting feature that we’re excited about is this idea of game sessions or session keys.”

He compared Openfort to how internet “cookies” remember user activity and information, emphasizing that the purpose of Openfort is to minimize direct user involvement with the blockchain.

“You can even segment those players like, ‘Hey, this is a pro player, this is a bot. This is like a very new player, etc.’ And then craft a user experience for each one of the players,” Alavedra said.

The investors at Openfort are enthusiastic about the startup’s approach to “account abstraction,” which entails smart contracts starting certain transactions without explicit user approval. This strategy simplifies and improves the gaming experience. Smart contracts, which are made up of instructional code that power decentralized applications (dapps), can automate many of the less crucial transactions in the background, letting users to concentrate more on the real crypto gaming experience.

“Account abstraction offers the best foundation technology for handling Web3 gaming customer accounts, enabling Web3 games to offer Web2-quality user experiences while maintaining Web3 functionality,” said Gumi Cryptos Capital Managing Partner Rui Zhang, in a statement. “Openfort is the technology leader for this emerging vertical and use case.”

Openfort intends to streamline and automate different parts of cryptocurrency gaming by utilizing account abstraction and smart contracts, making it more user-friendly and efficient. The ultimate goal is to deliver a frictionless experience in which technology merges perfectly with the gaming process.

Joan Alavedra, co-founder of Openfort, said that their wallet solution will be available as a white-label product, allowing game creators to fully customize the software and design their own user interfaces without any Openfort branding. This method allows developers to build a unique and personalized experience for their users.

The Openfort wallet is built to support the Ethereum Virtual Machine (EVM), allowing it to be used in games that run on any Ethereum-compatible network. Polygon, Immutable, Avalanche, Arbitrum, BNB Chain, Optimism, Cronos, and Ethereum itself are examples of such networks. By supporting different networks, Openfort wants to give developers more freedom and reach when creating crypto gaming solutions.

Openfort recognises the challenges of the crypto gaming sector as it enters a competitive market. It will be up against MetaMask, Sequence, Phantom, Immutable Passport, Coinbase Wallet, Ronin Wallet, GameStop’s wallet, and Fractal’s wallet, among others. To attract developers and establish momentum in the industry, Openfort’s wallet product will need to differentiate itself and deliver compelling features and benefits.