Entropy announces $25 million seed round led by Andreessen Horowitz

Quick Take

  • Entropy, a decentralized crypto asset custodian, raised a $25 million seed round led by Andreessen Horowitz.
  • The company aims to upend the standard business model of centralized crypto custodians such as Fireblocks and Coinbase.

Crypto asset custodian Entropy announced Wednesday that it has closed a $25 million seed round led by Andreessen Horowitz.

Dragonfly Capital, Ethereal Ventures, Variant, Coinbase Ventures, Robot Ventures, Inflection and the Komerabi Fund also joined the round, according to a press release.

Entropy is developing a decentralized custody platform that uses sophisticated cryptographic techniques based on multiparty computation. The firm led by a self-taught cryptographer and trans activist named Tux Pacific, who self-describes as an anti-capitalist anarchist.

The company aims to upend the standard business model of centralized crypto custodians such as Fireblocks and Coinbase. The infrastructure around custody has “remain[ed] stagnant” since the launch of multi-sigs in 2017, it argues in the funding announcement.

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