Coinspeaker
Fordefi Raises $10M in Seed-Extension Round to Further Build Institutional Grade MPC Wallet
Fordefi, a fast-growing financial technology company focused on mainstream adoption of web3 wallets, has closed a strategic funding round with $10 million secured. The company referred to the fundraising as a seed extension after it recently closed its seed funding round with $18 million from Jump Crypto, Pantera Capital, and Lightspeed Ventures, among others.
According to the announcement, the funding round was led by Electric Capital with new participants including Paxos Trust Company and Alchemy. With the funds secured, Fordefi intends to further develop its wallet-as-a-service (WaaS) offering that enables institutional investors to provide their customers with self-custody wallets directly within their applications.
“Fordefi changes the game for safe institutional access to DeFi and crypto by providing novel tools around MPC, user policies, and transaction simulation. Their new Wallet as a Service offering extends their industry-leading technology to any business wanting their customers to have the best mix of security and user experience to get on-chain,” Curtis Spencer, Co-founder and General Partner at Electric Capital, noted.
The company has registered notable success in its bid to become a major provider in the self-custody multi-party computation (MPC) wallet to institutional investors. Some of the notable Fordefi’s customers include Flare Network, DeFiance Capital, Keyrock, and Pantera Capital. Furthermore, Fordefi’s products are seamlessly connected to Ethereum’s EVM, Cosmos network, and Solana (SOL) ecosystems in a bid to enable multi-chain compatibility. As a result, Fordefi has recorded more than $3 billion in on-chain transaction volume to date.
Fordefi Unveils New WaaS Offering
Having secured $10 million in strategic funding, at a time the web3 industry and digital assets are getting mainstream adoption, Fordefi has announced the latest Wallet-as-a-Service (WaaS) offering. According to the announcement, the company will focus on working with institutional partners to provide their respective customers with secure self-custody wallet services. The company intends to expand on its existing wallet and security infrastructure, which will be a competitive advantage as the products have already been tested by major institutions.
“Our mission at Fordefi has always been to facilitate secure management of digital assets. We’re proud to continue building on this mission and provide both web3 and web2 businesses with a crucial tool to enable safe crypto adoption for all participants. We are committed to strengthening the Web3 ecosystem and ensuring its accessibility while maintaining a strong focus on security and transparency,” JoshSchwartz, CEO and co-founder of Fordefi, noted.
Founded in 2021, Fordefi has managed to combine MPC SDK and wallet API to onboard more retail customers through different institutional investors. Other notable products offered by Fordefi include DeFi Trading and Treasury Management.
Fordefi Raises $10M in Seed-Extension Round to Further Build Institutional Grade MPC Wallet
