Terra Leap Wallet Raises $3.2M in Private Token Sale

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Leap, a non-custodial crypto wallet providing access to the Terra ecosystem, raised $3.2 million in a seed funding round.

CoinFund and Pantera Capital co-led the round, with participation from Arrington Capital, Accel, and Terraform Labs.

This was a private token sale and will be used to increase the size of Leap’s team and launch mobile apps, project founder Sanjeev Rao told The Block.

Leap’s current headcount is six people, and the company plans to hire several people across product, engineering, design, and growth functions. As for the Android and iOS mobile applications, they should be launched in the coming months. Rao said the first invitations for the mobile apps will be sent out later this month.

The Leap Wallet launched in November and is currently available as a Chrome browser extension. It allows users to store, send, trade and stake tokens on the Terra blockchain. Leap currently has more than 4,500 users, according to Rao.

Leap can be thought of as MetaMask for Ethereum and Phantom for Solana. Its closest competitors include Terraform Labs’ own wallet called Terra Station and XDEFI. When asked what the unique advantage of Leap is, Rao said the wallet has a user-friendly design, suitable for new crypto users as well.

Leap started with a $50,000 grant from Terraform Labs. He plans to stay focused on Terra at least for the foreseeable future, though he’s open to exploring multiple ranges, Rao said.

The Terra ecosystem is growing rapidly. According to DeFi Llama, it currently has the second largest Total Locked Value (TVL), only after the Ethereum ecosystem. Terra’s current TVL is around $25 billion, while Ethereum’s is over $125 billion, per DeFi Llama.

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