According to BusinessWire, WalletConnect, the web3 communications protocol company, today announced that it has raised $12.5 million in an ecosystem round, with participation from Shopify, Coinbase Ventures, ConsenSys, Circle Ventures, Polygon, Uniswap Labs Ventures, Union Square Ventures, 1kx, HashKey, Foresight Ventures, and others.

The ecosystem round lays the groundwork for WalletConnect’s future development, forging the strategic partnerships that will contribute to the creation of the WalletConnect Network, a decentralized communications network anchored in the WalletConnect protocol. It follows WalletConnect’s Series A round, co-led by Union Square Ventures and 1kx, earlier this year in March, which was aimed at scaling the company and accelerating its product pipeline.