Fordefi, a financial technology and software business, has raised $18m in a seed financing round as well as launching a decentralised MPC wallet.
The round was led by Lightspeed Venture Partners and saw participation from Electric Capital, Jump Crypto, Castle Island, Pantera Capital, Illuminate Financial, Nima Capital, Digital Currency Group, StarkWare, Defiance Capital, Alameda Research and the PayPal Alumni Fund.
Fordefi enables market participants to easily and securely connect to decentralised applications. The company claims its platform is the only institutional MPC wallet on the market built for firms transacting on decentralised applications across blockchains.
Fordefi said its solution delivers a previously unavailable degree of insight into transactions, translating smart contracts into language that users can understand, simulating every transaction in advance and independently verifying dApp names.
The firm’s advanced MPC key management capabilities are built to protect against any single point of failure, and the platform’s unique policy management capabilities offer users the ability to create and define their own workflows, proactively protecting themselves from both internal and external vulnerabilities.
CEO and co-founder of Fordefi Josh Schwartz said, “Decentralized finance is evolving quickly and its complexities require a dynamic solution. Legacy wallet providers are unable to meet the needs of institutions that want to access the new opportunities DeFi has created while ensuring their assets are protected. Fordefi has taken a DeFi-first approach and has built a solution engineered for how clients interact with dApps.”
Dima Kogan – CTO and co-founder of Fordefi – added, “DeFi transactions are much more complex than simple asset transfers, and that’s the key to DeFi’s exciting new opportunities. Unfortunately, this complexity also brings with it many new security risks. Fordefi enables institutions to interact with DeFi applications with increased operational efficiency and security through in-depth visibility into each transaction and the ability to set the right controls.”
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