U.S.A-headquartered financial technology and software company, Fordefi raised USD 18 million in seed funding. The seed round took place on November 8, 2022. Lightspeed Venture Partners led the financing for the firm. Electric Capital, Alameda Research, Jump Crypto, Castle Island, Pantera Capital, Illuminate Financial, PayPal Alumni Fund, Nima Capital, Digital Currency Group, Defiance Capital, and StarkWare joined in the funding.

Besides the fundraise, the company announced the public launch of its institutional MPC wallet built for transacting on decentralized applications (dApps).

Purpose of funding for Fordefi

With the latest proceeds from the seed round, the company intends to cement its strategic position. It also has plans to fuel its growth. Besides, Fordefi looks for opportunities to expand its business reach.

What the company’s official has to say

Josh Schwartz, the co-founder of the company, 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.”

In addition, Dima Kogan, CTO of Fordefi, said, “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.”

Shane Al, Head of Investments at Arc Capital and Fordefi design partner, said, “Fordefi has been a tremendous addition to our DeFi workflow. We’ve seen accelerated deployment efficiency across a comprehensive set of on-chain opportunities, alongside enhanced user intuitiveness and without compromising security.” 

What the investors have to add

Sam Harrison, Senior Advisor at Lightspeed Venture Partners and Managing Partner at Faction, said, “The Fordefi team is bringing to market a solution that addresses two of the biggest challenges in DeFi today: institutional-grade security and smart contract transparency. We are excited to support an experienced team bringing a powerful solution to market that directly solves pain points that have held institutions back from achieving the full potential of decentralized finance.”

Ken Deeter, Partner at Electric Capital, further said, “Wallet hacks made major headlines this year. Until now, decentralized finance was missing a secure, stable, and seamless way to connect to dApps. Fordefi’s single-browser extension, paired with a top-notch institutional-grade MPC wallet platform, will unlock opportunities across DeFi for all crypto-native institutions. We’re excited to be part of Fordefi’s journey as an investor, design partner and customer.”

Besides, Jacob Goh, Head of Operations & Investor Relations at DeFiance Capital, Fordefi investor and design partner, said, “The Fordefi platform provides robust solutions for institutions to access thousands of DeFi opportunities with the highest levels of security. The platform is extremely customizable. It allows us to manage our own policies and controls. Further, it ensures a balance between flexibility and security – crucial for liquid fund strategies.”

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Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.

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