Quick take:
- The fundraising also attracted participation from Paxos and Alchemy.
- FordeFi also announced the launch of the Wallet-as-a-Service platform, which has already facilitated over $3 million in transactions.
- The company’s clientele includes major Web3 companies and venture capital firms, DeFiance Capital, Pantera Capital, and Flare Network among others.
FordeFi has completed a $10 million funding in an extended seed round. The round was led by Electric Capital with participation from Paxos and Alchemy. The company will use the funds to accelerate the development of its enterprise Wallet-as-a-Services platform.
The platform enables exchanges, fintechs, and web3 businesses to offer their users a secure, user-owned wallet, directly within their applications.
Its self-custody multi-party computation (MPC) wallet for institutions has already attracted some of the biggest Web3 companies and venture capital firms including Pantera Capital, Keyrock, Flare Network, and DeFiance Capital.
Companies can use FordeFi’s SDK and MPC technologies to offer secure end-user-controlled wallets, which the company believes addresses one of the Web3 self-custody wallets’ challenges of combining robust accessibility and in-depth education.
Commenting on his company’s leading role in the extended seed round, Curtis Spencer, Co-founder and General Partner at Electric Capital said in a statement: “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.”
Josh Schwartz, CEO and co-founder of Fordefi emphasised his company’s mission of facilitating secure management of digital assets. The WaaS platform announcement builds on FordeFi’s existing industry-leading wallet and security infrastructure, to support retail platforms and the mass adoption of web3 wallets.
“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,” Schwartz said.
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