Bitcoin Custody Provider Casa Announces $4 Million Raised In Seed Funding

The new free wallet service from Casa is built on its premium security technology while offering private key management education and encrypted recovery phrase storage.

Today, Bitcoin custody solution provider Casa announced that it has raised $4 million in seed funding.

“The seed round is led by Avon Ventures, a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments, and includes first-time investment in Casa from Tioga Capital, Cadenza Ventures, Coinbase Ventures and Champion Hill Ventures,” according to a release shared with Bitcoin Magazine. “Existing investors also participated heavily, including Lerer Hippeau, Castle Island Ventures, Compound VC and Precursor Ventures.”

The company offers multisignature bitcoin custody and provides subscription-based security plans that can also include emergency support, hardware wallet replacements, estate planning and more. This latest fundraise follows a 2020 in which Casa launched an in-wallet purchasing service that allows users to forgo exchanges when they buy BTC, a free wallet emphasizing new-user friendliness and a bitcoin inheritance program called Casa Covenant.

Meanwhile in 2020, Avon Ventures invested in other industry projects including BlockFi, Coin Metrics and FalconX.

“Casa has built a product that combines best-in-class security with an intuitive user experience,” Sachin Patodia, a partner at Avon Ventures, said in the release. “Bitcoin owners no longer have to decide between simplicity and security for their bitcoin — Casa provides both.”

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According to the release, Casa will put the funds toward strategic hires, development of its product suite and growth of its user base.

“Sachin and the team at Avon have thought deeply about the opportunity in Bitcoin self-custody and personal key management, and I’m incredibly excited to partner with them on the next chapter of Casa’s growth,” said Nick Neuman, Casa CEO, per the release.