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Nycrypto Labs raises $800k to launch Tidus, a crypto everything app

nycrypto-labs-raises-800000-to-launch-tidus-a-crypto-everything-app
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Nycrypto Labs raises $800k to launch Tidus, a crypto everything app

This app will be the first multi-chain, multi-layer, non-custodial wallet to offer in-app lending, borrowing, swapping, and staking while mitigating bridging risks.

Nycrypto Labs, a hub for blockchain development aiming to streamline the shift from Web2 to Web3, just disclosed that it successfully secured $800,000 in pre-seed funding.

This funding achievement coincides with the debut of Nycrypto’s primary product, Tidus Wallet. This wallet serves as the sole multi-chain wallet, allowing cross-chain lending, borrowing, and staking within the app.

DNA Fund spearheaded the funding round, joined by Transform Ventures, led by Michael Terpin, and a group of distinguished angel investors.

Tidus Wallet

The wallet was created to address the risks associated with bridging, which is the process of transferring assets between different blockchain networks. Bridging typically involves using intermediary protocols or platforms to convert tokens.

Bridging requires multiple steps and can introduce security risks, higher fees, and added complexity, which can be particularly challenging for beginner traders. 

Tidus Wallet eliminates the need for bridging, offering a more secure and streamlined user experience. This reduces transaction fees and helps users navigate the Web3 landscape with confidence.

Tidus offers multi-chain compatibility, reducing the risk of click fraud. It also provides decentralized security and privacy, educational resources, and seamless integration with native Dapps, making it a comprehensive solution for all your DeFi requirements.

The wallet expands blockchain and DeFi accessibility, making it easier for millions to engage with Web3 while addressing the steep learning curve and perceived security risks. It is a non-custodial wallet available for both desktop and mobile, and it is available in iPhone and Android stores.

“Three fundamental principles are vital for any crypto project: accessibility, decentralization and security,” said Nycrypto Labs and Tidus founder Dan Mulligan. “Many platforms only focus on one principle, like accessibility, at the expense of decentralization and security––and without decentralization security is often compromised. Tidus and TidusDAO blend these principles seamlessly while simultaneously rewarding users for using the product.” 

Tidus supports networks such as Ethereum, Solana, Base, TON, Optimism, Arbitrum, Polygon, and Bitcoin, making it a versatile tool suitable for users.