Pine Street Labs Raises $6M in Polychain-Led Round, Introduces walletOS

Pine Street Labs, a corporate wallet software provider focusing on expanding and democratizing the usage of public blockchains, has received $6 million in financing from Polychain Capital and other top crypto venture capital companies to develop a better corporate wallet. https://twitter.com/pinestreetlabs/status/1580619725192957953

Pine Street Labs Plans to Enhance Wallet Experience

According to CEO Justin Gregorius, Pine Street Labs intends to transform the wallet experience for businesses, funds, traders, and virtually any organization that needs to hold tokens. They cannot rely on commercial wallets like Ethereum’s MetaMask or Solana’s Phantom, but they lack the skills to develop ten wallets from scratch. A non-custodial crypto wallet API, according to Gregorius, will enable businesses to connect and interact with 12 different blockchains. For the benefit of its inexperienced clients, Labs’ five-person staff handles the complicated tech tuning, perhaps optimizing for staking in the Cosmos ecosystem.

Eyes to Leverage the Crypto Wallet Software Market

Pine Street Labs was founded earlier this year after the pair completed grant work to construct wallet infrastructure for Aleo and Umee. Gregorius claimed that they came to the realization that there may be a market for simple cryptocurrency wallet software that supports several blockchains. According to Gregorius, Polychain Capital headed the round, including Blockchain Capital, Coinbase Ventures, Genesis, CoinList, Figment, and BECO Capital.

walletOS to Enable Easy Access to Multi-Chain Wallets

Pine Street Labs launched walletOS for cryptocurrency consumers. It is a solution for developing transactions, installing wallets, and automating procedures for any blockchain. It is designed with scalability and security in consideration for businesses. Businesses may increase wallet support, add new blockchains, and programmatically manage wallets, all with ease and protection. Pine Street Labs found that people have difficulties when adopting blockchain. Businesses’ costs have risen as they struggle to support and manage each major blockchain and protocol upgrade. The walletOS solution is developed to face these kinds of difficulties and accelerate enterprises using current custody infrastructure, moving custody operations in-house, and introducing new blockchain initiatives to the market.

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