Lit Protocol raises $13 million, announces new cloud wallet app platform

Lit Protocol, an open source utility, raised $13 million in new funding, the company announced on Thursday. 

The fundraising round was led by 1kx, an early-stage crypto fund, and included participation from 6th Man Ventures, A Capital and OpenSea Ventures, among others. The company also drew support from nearly two-dozen individual investors, including Facebook whistleblower Frances Haugen and Messari founder and CEO Ryan Selkis.

Lit Protocol launched in January with the goal of “building an open source and decentralized network for access control and composability,” according to a company blog post. The cryptography network also announced a new cloud wallet app platform on Thursday.

The protocol’s new cloud wallet app platform is called Lit Programmable Key Pairs, the company said on Twitter.

Each programmable key pair is a “cloud wallet platform owned by the individual, stewarded by a decentralized network,” according to Lit Protocol.

Editor's Note: Report updated to correct the spelling of Frances Haugen.