EthSign raises $12 million in stable coin led by Sequoia Capital India, Mirana Ventures

ETtech

Mumbai: EthSign has raised $12 million in stable coin, led by Sequoia Capital India and Mirana Ventures.

Sequoia Capital (US) and Sequoia Capital China also participated in the round.

Other investors include Amber Group, Hack VC, Circle Ventures, and angel investors including Balaji Srinivasan (former CTO of Coinbase) and Sandeep Nailwal (cofounder of Polygon).

The company said many of its backers used EthSign Signature during the fundraising process.

EthSign Signatures, the team’s first product, is live and has amassed more than 10,000 users. The team is developing a new version of EthSign Signatures that will be launched in the second quarter this year.

Founded by Xin Yan, Potter li, and Jack Xu, EthSign is building various decentralised tools for executing agreements and smart contracts, especially for web3 native business transactions.

It is also building use cases to bridge the crypto and traditional worlds.

“Initially, we built EthSign as a decentralized Docusign for traditional and Web3 entities to conduct PDF agreements on the blockchain. But EthSign is set to catalyze the next era of agreement where the execution of terms can be trust-less and automated,” said Li in a statement.

The startup previously raised $650,000 led by venture capital firm Draper Associates.

The team will utilise the funds for product development and community growth.

Explaining the reason for bringing on board Sequoia India, China and the US as investors, Li told ET: “Crypto is a global business. Usually, a startup would only operate its business within a certain region geographically. But for crypto business, we want global influence and global adoption, that’s the reason we wanted Sequoia India Southeast Asia and China, and the US to really cover everywhere in the world.”

The company has another product, EthSign Smart Agreements, which is a customizable escrow framework that enables the terms of electronic agreements to automatically execute based on predetermined, measurable on/off-chain trigger conditions, and is slated to launch in the third quarter.

EthSign is also providing use-case specific solutions like decentralized governance, decentralized bounty boards, payroll management, etc.

Based on EthSign’s current technology, its newest product in development is EthSign Tokentable, a one-stop, on-chain investment tool for VCs, angels, and Decentralised Autonomous Organisations to automate the process of fundraising and vesting in web3.

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