Universal Raises $9M, Aims to Wrap Crypto Market

Universal, a startup specializing in wrapped asset trading, has raised $9 million in a funding round led by Andreessen Horowitz (a16z). The company, which launched its Universal Protocol roughly six months ago, has seen significant growth, with users trading over $800 million in uAsset volume since its launch.

The core idea behind Universal is to make various tokens tradable on crypto rails, providing deep liquidity and enabling both end-users and developers to access and use these assets on-chain. By wrapping assets, Universal aims to make them usable and tradable in a similar way that analog newspapers were brought online, fostering interoperability among different assets.

Universal's latest funding round was pursued after the company reached an inflection point in its growth. The team plans to use the funds to expand its offerings, drive more users to its front-end experience, and continue distributing new assets through other dapps. The company has faced challenges in the past, but its recent traction and long-standing relationships with investors have positioned it for future success.

Universal's ultimate goal is to make its offerings as ubiquitous as wrapped bitcoin, breaking down tribalism and divided factions within the crypto community. As the company continues to grow, it will be interesting to see how it contributes to the broader narrative in the crypto space.