- The WalletConnect Foundation has raised $10 million from four consecutive oversubscribed token sales.
- The funds include a $500,000 private sale hosted on Echo, a platform founded by crypto trader Jordan Fish (aka Cobie).
The WalletConnect Foundation, steward of the communications protocol WalletConnect, has raised a total of $10 million from four consecutive oversubscribed public and private token sales.
The fundraising took place this month on Bitget's LaunchX platform, CoinList, Echo and a further private sale, attracting tens of thousands of participants and generating significantly more interest than the target amounts.
"The strong demand for the WalletConnect Token (WCT) underscores the growing need for seamless onchain connectivity and proven product-market fit centric token with real fundamentals," the foundation said in a statement shared with The Block.
The Bitget LaunchX community round reached its $4 million target within two hours. Some 40,000 investors committed over $170 million, way beyond the allocation. Token distribution took place on Friday.
A further community round on CoinList was oversubscribed fourfold, attracting 18,000 participants from more than 100 countries. Investors pre-funded the sale with $15.5 million, far exceeding its $4 million target.
Meanwhile, a private sale hosted on Echo, a platform founded by crypto trader Jordan Fish (aka Cobie), saw its $500,000 target sell out in just 11 seconds. That sale was led by a group known as the Tea Club, WalletConnect Foundation founder and director Pedro Gomes told The Block.
An additional private sale conducted directly between the foundation and long-term supporters and strategic partners of WalletConnect raised a further $1.5 million. "It was a busy month to say the least," Gomes said.
Nearly 90,000 users registered across the sales collectively, expanding the WalletConnect ecosystem following Season 1 of its airdrop in November. The airdrop distributed 50 million of the total 1 billion WCT supply to 160,000 early adopters, including builders, contributors and users. All WCT tokens are currently non-transferable, though users can stake them for periods ranging from one week to two years.
No plans for further token sales
"The response from the WalletConnect and broader crypto community has been incredible. Every round was oversubscribed, reaching its target in hours, if not seconds," Gomes said. "As the Network scales towards full permissionlessness, our community is growing alongside it. In a space crowded with vaporware, people are rallying behind real projects with true utility. We’re excited for the next chapter in the WalletConnect journey."
Despite the oversubscribed demand, the WallectConnect Foundation currently has no plans for further token sales, Gomes confirmed. "The oversubscribed demand is a clear signal that the crypto community wants projects who prove they can truly deliver on their product roadmap and bring real value to the ecosystem," he said. "They are growing tired of the memecoin casino and vapourware, people want to support projects that they can firstly, actually use and secondly, that they can trust."
The funds will enable the WalletConnect Foundation to expand operations, grow its team and support ecosystem initiatives — benefiting developers, node operators and strategic partners, Gomes explained. "As the network advances toward full permissionlessness, these resources will play a vital role in facilitating adoption and engagement, particularly as more of tradfi and the broader internet comes onchain," he said.