HK’s Newman Capital invests in Openfort to boost Web3 wallet infrastructure

Hong Kong-based venture capital firm Newman Capital has invested in Openfort, a startup that specialises in blockchain wallet infrastructure for Web3 gaming.

The investment from Newman Capital has enabled Openfort to successfully complete its seed round fundraising, generating a total of $3 million. The seed round was co-led by gumi Cryptos Capital and Maven 11, with participation from Game7 and NGC Ventures.

Newman Capital has been actively driving the adoption of Web3 technologies among consumers, recognizing the importance of efficient infrastructures, middleware, and tooling in the development of high-quality and user-friendly Web3 applications. The firm believes that providing a seamless experience is crucial for both Web3 native users and those transitioning from traditional platforms.

Openfort’s programmable wallet-as-a-service has the potential to boost Web3 gaming. Through its use of account abstraction technology, Openfort aims to make Web3 gaming accessible to a wide range of users, helping usher in a new era of immersive gaming experiences.

Adrian Lai, the Founder and Managing Partner of Newman Capital, expressed his enthusiasm for the project, saying Web3 gaming presents unique technological challenges that often hinder user journey and experience.

“To truly bring Web3 gaming to the masses, advanced tools are needed to overcome these challenges, enabling game developers to create seamless and user-friendly experiences with enhanced security. We are delighted to support the Openfort team in delivering their account abstraction-enabled gaming wallet,” Lai said.

Newman Capital, headquartered in Hong Kong with a presence across Asia and the US, connects diverse communities in both Web2 and Web3 domains, developed and emerging markets, and more. The firm focuses on investing in early-stage consumer-facing applications and related infrastructure within the entertainment, social, and gaming sectors.

Openfort provides a wallet-as-a-service solution that enables game developers to integrate blockchain accounts into their games. The platform utilises account abstraction technology to offer smooth transactions, batch transactions, and multi-chain transactions, while also providing player management, authentication, and support for ERC20 tokens.