New crypto company Argent has raised $4 million to fund “the first smart wallet”

You won’t be needing those paper backups…

UK-based crypto company Argent has raised a total of $4 million to fund “the first smart wallet” for Ethereum-based cryptocurrency and blockchain apps.

The tool was backed by Index Ventures, Creandum, firstminute, Hummingbird, Proxy and KR1, and will enable Android and iOS users to access their crypto assets and blockchain applications.

Whereas other wallets require users to remember seed phrases and keep a document of their private keys, Argent is built on smart contracts and blockchain-integrated code to allow users to manage their funds without needing a paper backup, according to the company’s info page.

The company say the app is easy to use, and allows friends to transfer between one another by way of “free, easy Ethereum usernames,” and with no transaction fees.

The app integrates a decentralised exchange system, meaning users will be able to exchange ETH and ERC-20 tokens in-app, without needing to share their information with a third party.

It’ll also set daily transaction limits, and protect against fraudulent transactions.

“The web is dominated by monopolies and middlemen. Cambridge Analytica and Equifax highlighted the damage this was doing to people.” said Argent CEO and co-founder Itmar Lesuisse in a statement.

“The emerging decentralized web offers a better way – with people controlling their data, assets, and identity. But it is still way too hard for most people to use, so adoption is slow. We founded Argent to fix this.” [Source: TechCrunch]

Argent is currently available on Google Play and the iOS Store. Users can also join a waiting list to reserve their Ethereum username.