Cryptocurrency firm Fordefi is launching a wallet-as-a-service offering after raising $10 million in a seed-extension round.
Electric Capital led the round, with participation from Paxos and Alchemy, bringing the firm’s total seed funding to $28 million. Fordefi has developed a self-custody multi-party computation (MPC) wallet for institutions, attracting a range of industry-leading clients and securing over $3 billion in on-chain transaction volume.
The new wallet-as-a-service (WaaS) offering allows exchanges, fintechs, and web3 businesses to provide their customers with a user-owned wallet directly within their applications.
Curtis Spencer, general partner at Electric Capital, stated, “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.”