FordeFi Raises $10M for Secure Web3 Wallet Platform

FordeFi recently closed a $10 million extended seed funding round led by Electric Capital, with Paxos and Alchemy also participating.

An extended seed round of funding totaling $10 million was successfully closed by FordeFi. Electric Capital served as the round’s lead investor, with Paxos and Alchemy also participating. With these new funding, the company can move faster in developing its Wallet-as-a-Services platform for businesses.

With this platform, web3 companies, fintechs, and exchanges may integrate a user-owned wallet into their apps for further security.

Pantera Capital, Keyrock, Flare Network, and DeFiance Capital are among the prominent Web3 companies and venture capital firms that have shown interest in its self-custody multi-party computation (MPC) wallet for institutions.

By leveraging FordeFi’s software development kit (SDK) and mobile payment controller (MPC) technologies, businesses can provide customers with secure wallets that they control. This solves a problem that Web3 self-custody wallets have: how to combine strong accessibility with thorough teaching.

“Fordefi changes the game for safe institutional access to DeFi and crypto by providing novel tools around MPC, user policies, and transaction simulation,” said Curtis Spencer, Co-founder and General Partner at Electric Capital, commenting on his company’s leading role in the extended seed round. Any company that wants their clients to have the best combination of security and user experience to come on-chain can take advantage of their new Wallet as a Service offering, which extends their industry-leading technology.

The role of Fordefi in enabling the safe administration of digital assets was highlighted by Josh Schwartz, CEO and co-founder of the firm. Supporting retail platforms and the widespread adoption of web3 wallets, the WaaS platform announcement expands upon FordeFi’s current industry-leading wallet and security architecture.

It is with great pride that we continue to expand upon this aim and supply web3 and web2 companies with an essential tool to facilitate the secure adoption of crypto for all parties involved. With a firm emphasis on openness and security, we will be working to improve the Web3 ecosystem and make it more accessible,” Schwartz stated.