Leap, a non-custodial crypto wallet for accessing the Terra ecosystem, has raised $3.2 million in a seed funding round.
CoinFund and Pantera Capital co-led the round, with Arrington Capital, Accel and Terraform Labs participating.
This was a private token sale round and will be used to increase Leap's team size and launch mobile apps, the project's founder Sanjeev Rao told The Block.
The current headcount of Leap is six and the firm plans to hire several people across product, engineering, design and growth functions. As for Android and iOS mobile apps, they are expected to launch in the next few months. Rao said early invites for the mobile apps will be sent later this month.
The Leap wallet was launched in November and is currently available as a Chrome browser extension. It allows users to store, send, swap and stake tokens on the Terra blockchain. Leap currently has over 4,500 users, according to Rao.
Leap can be seen as MetaMask for Ethereum and Phantom for Solana. Its closest competitors include Terraform Labs' own wallet called Terra Station and XDEFI. When asked what Leap's unique advantage is, Rao said the wallet has a user-friendly design, also being suitable for new-to-crypto users.
Leap started with a $50,000 grant from Terraform Labs. It plans to remain focused on Terra at least in the foreseeable future, although it is open to exploring going multi-chain, said Rao.
The Terra ecosystem is growing fast. It currently has the second-largest total valued locked (TVL), only after the Ethereum ecosystem, according to DeFi Llama. Terra's current TVL is around $25 billion, while Ethereum's is at over $125 billion, per DeFi Llama.