XDEFI Wallet Bags $6 Million in Funding to Scale Its High-Speed and Secure DeFi and NFT Wallet

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DeFi NFT
XDEFI Wallet Bags $6 Million in Funding to Scale Its High-Speed and Secure DeFi and NFT Wallet

XDEFI Wallet, a browser extension wallet catering to the rising DeFi and NFT landscapes today announced it had successfully raised $6 million in the latest funding round.

Speed is Alpha for XDEFI Wallet

In an announcement made today, XDEFI Wallet, a browser-based crypto wallet stated it had raised $6 million in its latest funding round.

The funding round was led by Mechanism Capital and witnessed participation from DeFiance Capital, Alameda Research, Sino Global Capital, Animoca Brands, Morningstar Ventures, CoinGecko, and some of the world’s top DeFi users including, Darren Lau (The Daily Ape), Mark Zeller (Aave), Scoopy Trooples and Mariano Conti.

Commenting, Andrew Kang, General Partner at Mechanism Capital, said:

“The crypto landscape has gone through an immense change in the last year through the explosion of DeFi, NFTs, and Multichain ecosystems. We are excited to back the XDEFI team, which built a beautiful product for users to take full advantage of the true Web3 experience.”

It is no secret that the browser-based crypto wallet space has, for long, been dominated by MetaMask. However, MetaMask is solely focused on Ethereum compatible chains and, as such, was not built to cater to the needs of DeFi users or NFT collectors and minters.

There are also other similar crypto wallets such as Terra Station and Solana-based Phantom Wallet. However, they face the same problem as MetaMask in that they are focused on particular blockchains.

This leads to DeFi users downloading several different wallets to be able to interact with different networks. In addition to remembering numerous passwords, users are also forced to compromise on speed and security.

This is exactly where the XDEFI Wallet comes into the picture.

XDEFI Wallet’s Chrome extension is designed in a way to ensure that users enjoy the fastest and most secure possible experience for DeFi and NFTs.

XDEFI Wallet differs from its competitors in that it achieves rapid speed and heightened security via native integrations with nine different blockchains, proprietary gas pricing algorithms to ensure users never miss a block, and by automating the process of adding new token contracts to users’ wallets.

Emile Dubié, CEO of XDEFI Wallet, says:

“In DeFi and NFTs, speed is alpha. The faster you can get into a mint, the faster you can move across chains, the faster you can sign a transaction – these things determine your ability to seize an opportunity or not. XDEFI Wallet has been built to give DeFi users a speed edge.”

Public Release in October

XDEFI Wallet recently concluded an invite-only Beta with more than 20,000 users and is slated for public release in early October.

For the uninitiated, XDEFI Wallet was founded in August 2020 and has scaled tremendously over time, from a team of 4 to a team of 25 comprising of employees with previous professional experience at Bloomberg, Consensys, B2C2, and Boston Consulting Group.

Per the announcement, XDEFI Wallet will utilize the funds toward launching proprietary integrations with Terra and Solana and strengthen its existing integrations with THORChain, Ethereum, and other EVM-based networks.

In the long term, the XDEFI Wallet team aims to create a suite of products to bridge the existing gap between different blockchain ecosystems to improve its users’ accessibility to the best DeFi and NFT opportunities.

Aisshwarya Tiwari

Aisshwarya is currently working as the Chief Editor at crypto.news and holds more than 4 years of experience in the digital assets industry. He holds an undergraduate degree in Commerce with Honours and a post-graduate diploma in Liberal Studies. Before entering the crypto industry, Aisshwarya worked as an SAP Consultant for a global IT firm. He also cleared the CFA Level 1 exam before pivoting to the crypto industry due to its novel and exciting propositions.