Crypto startup Context on Wednesday announced a $19.5 million seed round led by startup investors Variant Fund and OpenAI CEO Sam Altman on Wednesday.
The startup, which allows users to monitor other people’s wallets and transactions via an Instagram feed, has also released a new version of its product that will now help users automatically find wallets linked to people they follow on Instagram. Twitter.
Founded last year, Context believes that looking at the portfolios of friends, influencers, DAOs and celebrities will be the “follow/subscribe of the Web 3 era” and is inspired by platforms such as Instagram and Pinterest.
In a sense, the application of Context can perhaps be seen through the growing intersection between web3 capabilities and social media platforms. This intersection was exposed earlier this year when Twitter rolled out support for NFT-linked profile pictures as part of its Blue subscription services. Instagram is also moving towards a form of NFT-like integration.
This is because Context’s application is geared towards the peculiarities of the Web3 era, including non-fungible token projects and collectors. The app further includes market data from marketplaces such as OpenSea and Rarible.
Context is led by co-founders Luke Miles and Adam Ludwin, and today has a seven-strong team, with plans to double staff in 2022. Ludwin is the former CEO and co-founder of Chain, which was acquired by Stellar in 2018. Miles previously worked at Stripe and was the founder and CEO of Restocks, the “hype culture market”.
Broadening the lens, Context is part of a larger ecosystem of tracking tools that allow users to track activities in the web3 space.
Nansen, who was last year valued at $750 million, offers paid services that track the on-chain stocks of high-value investors. Meanwhile, based in Lithuania Dapp Raddar provides data on decentralized application activity, including transactions, token volume, and number of active users.
Backers participating in the round run the gamut from crypto CEOs to entertainers. Among them are venture capitalist Lachy Groom (who, like Miles, is a former Stripe staffer), Dragonfly Capital, Quora CEO Adam D’Angelo, Vine co-founder Dom Hofmann, and CTO and co-founder of Phantom Francesco Agosti.
They are joined by Trevor McFedries, Meltem Demirors, Jacob Horne, Tess Rinearson, John Palmer, Andy Chorlian, Mathew Dryhurst, Holly Herndon and David Rudnick.
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