Fordefi Acquires $10 Million Funding For Its Cryptocurrency Wallet-as-a-service
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Crypto firm Fordefi is debuting a wallet-as-a-service platform after securing $10 million in a seed-extension fundraising round.
Electric Capital spearheaded the funding round with contributions from Alchemy and Paxos, bringing the company’s total seed funding to $28 million
The New WaaS Solution Allows Organizations To Offer Seamless Transactions
Fordefi has established a Self-management multi-party computation (MPC) wallet for organizations, attracting numerous top-tier customers. The wallet is also managing more than $3 billion in Blockchain-based transaction volume.
The novel wallet-as-a-service (WaaS) solution allows web3 businesses, fintechs, and exchanges to provide their clients with a customer-owned wallet seamlessly integrated into their applications.
Curtis Spencer, a general partner at Electric Capital, commented on the development. He stated that Fordefi revolutionizes safe institutional entry to crypto and DeFi by offering innovative tools in transaction simulation, user policies, and MPC.
The co-founders, including Michael Volfman, the Vice President of Research and Development, Dima Kogan, the Chief Technology Officer, and Josh Schwartz, the Chief Executive Officer began the development of the Fordefi platform in 2021.
That year was an extraordinary year for cryptocurrency adoption, as organizations observed the remarkable growth and significant volumes of digital assets flowing into the market.
A surge in the growth of novel blockchains and decentralized apps unveiled investment opportunities. Institutions couldn’t securely engage in these opportunities as existing wallets had been created years ago and lacked the necessary technology to confidently and securely connect them.
Fordefi Will Enhance Institutions in the Evolving Landscape of Decentralized Finance
Schwartz expressed that decentralized finance is rapidly evolving and its complexities need a dynamic solution. He highlighted that the legacy wallet providers are inadequate for institutions seeking to access new opportunities created by DeFi while protecting their assets. Moreover, Fordefi has prioritized the DeFi-first approach and has developed a solution designed for how clients relate with dApps.
Fordefi allows institutions to engage with DeFi Apps with increased security and operational efficiency through comprehensive visibility into each transaction and the capability to set the appropriate controls.
Fordefi, a security platform and the first of its kind wallet empowers participants within the market to securely and easily integrate with decentralized applications. It is the only institutional MPC wallet within the market, created for companies transacting on dApp across blockchains.
This advanced solution brings insight into a formerly unavailable degree of transactions and simulates every transaction in advance. It also translates smart contracts into language that customers can understand and verify dApp independently.
