- Fordefi platform announced the completion of an investment round led by Electric Capital.
- The company raised $10 million to develop a new product – WaaS.
- The firm is a proprietary MPC wallet provider and has already processed over $3 billion worth of transactions.
Crypto wallet provider Fordefi announced the closing of a $10 million round, led by Electric Capital.
1/ We’re thrilled to announce that we’ve raised $10M in additional funding led by @ElectricCapital! 🥳
We sat down with @CoinDesk‘s @sndr_krisztian to tell our story on why we raised and where we’re headed. #FORDEFI
Check out our coverage below ⬇ https://t.co/K32FG7x5WU pic.twitter.com/HRD1pzVX4S
- FORDEFI (@FordefiHQ) February 13, 2024
The estimated value of the company was not disclosed. Other counterparties, notably Paxos and Alchemy, also participated in the round.
This is Fordefi’s second investment round. The firm completed the previous one, a seed round, in November 2022. At that time, the company raised $18 million.
The platform positions itself as an infrastructure provider and Web3 gateway for traditional companies. Fordefi is the developer of a standalone cryptocurrency wallet with distributed computing (MPC) technology.
In a comment to CoinDesk, co-founder Josh Schwartz noted that the platform has conducted crypto transactions totaling more than $3 billion.
Fordefi plans to use the new funds to develop a new wallet-as-a-service (WaaS) product. This will allow other counterparties, including exchanges, to integrate the company’s solution directly into their application, the organization noted.
As a reminder, Incrypted regularly updates the digest on investment rounds in the Web3 and AI sector. The previous issue can be found at the link.
