Status offers users an all-in-one web3 browser, crypto wallet, and messenger. The company’s major selling points are privacy, security, and resistance to censorship, which it enables through its open-source Ethereum-based app.
Given the nature of Status’s product and its outspoken commitment to encryption-enabled privacy, the company’s growth hasn’t been without its rocky moments. After raising funds in 2017 to grow the platform, it was met by a lawsuit three years later, which alleged that the founders had “disappeared”. This lawsuit was dropped, but the matter damaged its reputation with mainstream financial institutions. Despite this, crypto enthusiasts don't seem to have been deterred, considering the fact that 2020 also saw similar class-action lawsuits against several other crypto companies, including Binance and Bitmex.
As the startup looks to the future, it’s unlikely that it will stop in its efforts to disrupt the traditional finance system and will look to double down on its commitment to user privacy. Beyond its core customer offerings, Status could well become an important contributor to the infrastructure of the Ethereum and web3 ecosystem.
Kirsty
Company Specialist at Welcome to the Jungle