Coinspeaker
Self-Custody Smart Wallet Giddy Sees $6.9M in Funding
Crypto wallet Giddy may have just completed another round of funding after raising $6.9 million. According to a company announcement, the funding round had some notable venture capital (VC) firms in participation. Some of them include Peak Capital Partners, Clarke Capital, and Pelion Venture Partners among others. The round also saw participation from Utah-based Fornite co-creator Geremy Mustard, who acted as a strategic investor in the round.
In total, the company’s total fundraising to date now stands at over $15 million. That is after having previously raised over $8 million in a Pelion-led round in 2022.
Giddy Aims to Bolster Self-Custody Adoption
With the fund, Giddy is looking to improve on its strategy as it aims to drive mass crypto adoption using its “recoverable self-custody smart wallet technology”.
Meanwhile, there couldn’t have been a better time to advance this cause. Giddy is hoping to capitalize on the recent collapse of the FTX exchange and other centralized platforms which has brought the spotlight on the benefits of self-custody. So much so, that there’s now some form of concerted push for users to hold their digital assets themselves.
In line with this push, Jack Dorsey-led payments company, Block (SQ) recently announced that it would create a new digital wallet for its customers. This was after also admitting that the future of crypto is self-custody.
Besides, crypto, by concept, is about having full control of one’s finances. And that kind of financial freedom is certainly not obtainable from so-called centralized, custodial, trust-based platforms.
Per Giddy’s statement, its self-custody wallet allows the private key to a user’s fund to be split, encrypted, and stored in different locations. They are fully controlled by the user, and the user can be assured of the safety of the private key. That is because multiple shares are required for recovery in the event of a loss or compromise.
Giddy also assures that its MPC technology makes it possible for users to still recover their wallets. That is if it happens that they lose a recovery share. In such cases, they’ll only need to follow a few steps.
