Fordefi Secures $10M for Safer Crypto Wallets

Bridging the Gap Between Institutions and Retail Investors

Cryptocurrency, with its promise of decentralization and financial autonomy, has been a rollercoaster ride for investors, both institutional and retail. However, amidst the excitement, lurk the shadows of security concerns and vulnerabilities. But fear not, for Fordefi has stepped onto the scene with a $10 million boost aimed at revolutionizing crypto safety. In this exclusive interview with CoinDesk, we delve into Fordefi’s mission. They aim to fortify the crypto landscape, one wallet at a time.

From Institutions to the Masses: Fordefi’s Expansion Journey

Embarking on a mission to transform the crypto safety net, Fordefi has garnered substantial support from heavyweights in the investment realm. Pantera Capital, DeFiance Capital, Keyrock, and Flare Network have joined forces with Fordefi, positioning its multi-party computation (MPC) wallet to redefine security standards in the industry. Fordefi, having facilitated over $3 billion in blockchain transactions, now prepares to extend its reach from institutional to retail platforms.

A Financial Shot in the Arm: Fordefi’s Venture Capital Investment

In a groundbreaking move, Fordefi secured $10 million in venture capital, fueling its quest to make crypto safer. Led by Electric Capital, with Paxos and Alchemy joining the fray, this investment marks a pivotal moment in Fordefi’s journey. Building upon an $18 million seed capital raise in November 2022, Fordefi’s trajectory is nothing short of meteoric, with the support of industry giants like Lightspeed Ventures and Pantera Capital.

The Heart of Fordefi’s Mission: Enhancing Crypto Safety

At the core of Fordefi’s vision lies the commitment to fortify crypto safety through innovative solutions. With its self-custodial wallet employing multi-party computation (MPC), Fordefi tackles the Achilles’ heel of crypto security – the single point of failure. In an interview, CEO and co-founder Josh Schwartz elaborated on the transformative potential of MPC wallets, making interactions with DeFi apps less perilous and fortifying the fortress of crypto assets.

Empowering the Masses: Fordefi’s Wallet-As-A-Service

Taking a giant leap towards democratizing crypto safety, Fordefi is set to unveil its wallet-as-a-service product. Targeting retail-facing platforms such as exchanges, fintech platforms, and Web3 businesses, Fordefi aims to empower users with self-custodial wallets directly integrated into their applications. Indeed, this shift promises to redefine the user experience by seamlessly integrating security and accessibility in decentralized finance.

Pioneering the Future: Fordefi’s Vision

As Fordefi blazes a trail in the realm of crypto safety, industry insiders are taking note of its game-changing potential. Curtis Spencer, co-founder at Electric Capital, applauds Fordefi’s groundbreaking work, revolutionizing institutional DeFi access. With novel tools centered around MPC, Fordefi is poised to lead the charge towards a safer crypto ecosystem. Incorporating user policies and transaction simulation strengthens its position.