Today we are excited to announce that we have raised a $2.5 million pre-seed round, led by Mechanism Capital.
Last year at an ETH Global event we were tinkering with an idea for a new protocol, but encountered an infuriating problem — it was seemingly impossible to integrate recurring on-chain payments. At the time we thought this was somewhat strange, as recurring payments power so much of the modern economy: In 2020 subscriptions alone accounted for $7.3T of economic activity. We followed our curiosity and so began a long road of discovery.
Since then we have been hard at work, and are now happy to announce that Diagonal will soon release a complete product suite for developers, empowering them with the tools and infrastructure they need to integrate on-chain subscriptions into their business.
At Diagonal our mission is to accelerate global adoption of crypto as a medium of exchange. We want to build a future where you can pay your Netflix subscription in crypto, using your salary which is being streamed by the second from your employer directly to your wallet.
We are fortunate enough to be backed by a collection of world class investors, who believe in our ambitious vision:
Funds
- Mechanism Capital
- Founder Collective
- MetaCartel Ventures
- The LAO
- Portal Ventures
- Coinbase Ventures
- Angel DAO
Angels
- Ryan Selkis (Messari)
- Anthony Sassano (The Daily Gwei)
- gmoneyNFT
- Ivan Fartunov (Aragon)
- Ani Pai
- Kaito (Bspeak!)
- Clayton Manzel (Figment)
Also, we owe a special thanks to Polygon DAO for their grant last November. At the time this grant was a big deal for the team, as we had spent the last several months working nights and weekends running into our savings. We have waived the right to the remaining tranches of the grant, as we believe grants should go to projects that need it.
This pre-seed round will enable us to execute faster on our ambitious roadmap. Additionally we are now beginning to scale up our team, and are making our very first hires as we continue to race towards our beta release.
For developers or others who might be interested in working with us: This is a once in a lifetime opportunity, to work on one of the industry’s hardest problems, in this decade’s most exciting industry!
See our careers page for more details on open roles!
Lastly, we will also begin testing with select providers in the coming month. If you are a merchant interested in taking part, please sign up using this form!
With love from
Diagonal Co-Founders
trozler, zant, and tcb
About Diagonal
Diagonal is a non-custodial protocol for recurring payments on Ethereum. We empower businesses to get started with on-chain subscriptions today, through secure smart contracts, simple APIs, and battle tested infrastructure.
We will also begin testing with select providers soon, and if you are a merchant interested in taking part, please sign up using this form!
