Terra Wallet Leap Raises $3.2M in Private Token Sale

Leap, a startup building a non-custodial crypto wallet for the Terra blockchain, said Tuesday it raised $3.2 million. According to a press release, the funding was backed by CoinFund and Pantera Capital, with contributions from Arrington Capital, Accel and Terraform Labs.

If estimates in Leap’s litepaper hold true, the funding round values the project at $40 million. Founder Sanjeev Rao declined to comment on the valuation.

A Chrome extension with over 4,000 downloads, according to Rao, the MetaMask-like crypto wallet supports asset transfers, non-fungible token (NFT) trades and decentralized finance (DeFi) applications across the Terra ecosystem, which runs on LUNA and the stablecoin UST. Rao said iOS and Android mobile apps are on the way.

Terra is in “hyper growth phase,” as Rao put it, with UST’s market cap soaring ten-fold as the chain’s