Status, an innovative project that introduced a decentralized browser built on the Ethereum blockchain with integrated chat and wallet features, recently closed a $100 million funding round through the sale of its SNT tokens.
Following the token sale, Status announced several major developments: the appointment of former Google product manager Nabil Naghdy as chief operating officer, the introduction of the Status Hardwallet for wireless transactions, and the launch of a $1 million bounty fund to support open source projects.
Naghdy brings years of experience leading large-scale consumer products at Google, including Google Maps and Google Flights. In his new role at Status, he will work with the team to develop innovative products, grow an active user base, and help commercialize Status’s services.
“As part of an explosive, nascent product category, Status and the Ethereum ecosystem are at an inflection point. Fortunately, there’s an exceptionally active community pushing blockchain and Ethereum toward a bigger stage. We’re leading the space and making headway in bringing blockchain to the mainstream,” said Naghdy.
At Ethereum’s DevCon3 event, Status unveiled the Status Hardwallet, a device that enables cryptocurrency transactions using NFC (near-field communication), the same contactless technology used by most payment terminals and point-of-sale systems.
“Existing crypto-wallets require a wired connection to perform currency transactions. As cryptocurrency becomes mainstream, there’s a need for seamless and secure crypto transactions. Status Hardwallet is in development and will allow users to store, send, and receive cryptocurrencies contactlessly with built-in NFC,” the Status team explained.
The Status Hardwallet stands out because, to date, few hardware or mobile wallets support transaction settlement via NFC. Designed to be compatible with major cryptocurrencies—including Bitcoin, Ether, and ERC-20 tokens—the Hardwallet will allow users both inside and outside the Status network to store and transact with a variety of digital assets.
In addition to the Hardwallet announcement, Status unveiled a $1 million bounty fund to incentivize contributions to open source projects, reward security research, and encourage community-driven improvements.
“Status is fully committed to making decentralization a reality. We are aware that there are challenges and there is a lot of work to be done, but our goal remains to create an Ethereum-powered world for all. We will continue to invest in the future of blockchain and push to build a strong open source community,” said Carl Bennetts, co-founder of Status.
Unlike many projects that raise funds through ICOs and then delay product development, Status has quickly delivered a significant piece of technology in the Status Hardwallet and implemented an open bounty program aimed at strengthening the broader cryptocurrency ecosystem over the long term.