Modular intelligent account developer Rhinestone secures a $5 million seed round investment with 1kx as the lead investor.
Powered by ChatGPTDeepTechFlow news, on August 14th, according to The Block, modular smart account developer Rhinestone raised $5 million in seed funding led by 1kx, with participation from CoinFund, Lattice, Heartcore, Circle Ventures, and other institutions. Rhinestone is dedicated to building smart account infrastructure, transforming it into a programmable platform to enhance interoperability, security, and functionality.
Rhinestone's smart accounts are managed through smart contracts rather than traditional private keys, aiming to provide richer features such as multi-party transaction signatures, fee subsidies, and two-factor authentication. These accounts are part of the "account abstraction" field, originating from Ethereum Improvement Proposal 4337. Rhinestone also offers tools for developers to enhance smart account functionality through self-contained modules and establish a platform for developers to distribute and profit. The company plans to expand its team, develop smart account infrastructure, and broaden developer incentive programs with the new funds. Rhinestone co-founder Kurt Larsen stated that smart accounts will become the primary interface for on-chain autonomous actors in the next three to five years.