Crypto wallet company Fordefi has raised $10 million in venture capital investment, aiming to solve one of crypto’s biggest pain points by expanding its institutional wallet offering to a retail platform. The company told CoinDesk in an exclusive interview.
The funding was led by Electric Capital, with additional investors Paxos and Alchemy. This investment is Raised $18 million in seed capital It will be held in November 2022 in collaboration with Lightspeed Ventures, Pantera Capital, Jump Crypto and others.
Cryptocurrency investors, including retail and institutional investors, have experienced decentralized finance (DeFi) applications being exploited or losing access to digital assets held on collapsed platforms such as FTX. It has suffered billions of dollars in losses over the past few years.
Fordefi aims to make cryptocurrencies more secure with a self-custodial wallet featuring multi-party computation (MPC) that splits a single private key between multiple parties and eliminates single points of failure. explained Josh Schwartz, CEO and co-founder of Fordefi. interview. MPC wallets are difficult to hack, reducing the risk of interacting with DeFi apps.
The company has already brought institutional investors such as Pantera Capital, DeFiance Capital, Keyrock, and Flare Network to its MPC wallet, securing over $3 billion in blockchain trading volume.
Today, Fordefi extends its Wallet-as-a-Service product to retail platforms such as exchanges, fintech platforms, and Web3 Business, offering user-owned (self-custodial) wallets directly within the application.
“Fordefi provides an organized and secure approach to DeFi and cryptocurrencies by providing novel tools around MPC, user policies, and trade simulation,” said Curtis Spencer, co-founder and general partner at Electric Capital, in a statement. “It has completely changed the way people access things.” Our -as-a-service offering extends our industry-leading technology to any company that wants to enable its customers to have the best combination of security and user experience on-chain. ”
