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 raise to $28 million.
Fordefi has built a self-custody multi-party computation (MPC) wallet for institutions, acquiring a host of industry-leading clients and securing over $3 billion in on-chain transaction volume.
The new wallet-as-a-service (WaaS) offering enables exchanges, fintechs, and web3 businesses to offer their customers a user-owned wallet, directly within their applications.
Curtis Spencer, general partner, Electric Capital, says: “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.”