Fordefi Raises $18M Seed Round To Launch Institutional DeFi Wallet & Security Platform
Fordefi has introduced the first institutional MPC wallet and Web3 gateway for crypto-native funds, backed by leading crypto VCs and designed by veterans of the field.
Fordefi, a firm that develops financial software and technology, today announced the public release of its institutional MPC wallet and an $18 million seed investment (dApps). Electric Funding, Alameda Research, Jump Crypto, Castle Island, Pantera Capital, Illuminate Financial, PayPal Alumni Fund, Nima Capital, Digital Currency Group, Defiance Capital, and StarkWare, the firm’s initial capital raising was sponsored by Lightspeed Venture Partners. Fordefi has introduced the first institutional MPC wallet and Web3 gateway for crypto-native funds, backed by leading crypto VCs and designed by veterans of the field.
Fordefi, a firm that develops financial software and technology, today announced the public release of its institutional MPC wallet and an $18 million seed investment (dApps). Electric Funding, Alameda Research, Jump Crypto, Castle Island, Pantera Capital, Illuminate Financial, PayPal Alumni Fund, Nima Capital, Digital Currency Group, Defiance Capital, and StarkWare, the firm’s initial capital raising was sponsored by Lightspeed Venture Partners.
Fordefi has introduced the first institutional MPC wallet and Web3 gateway for crypto-native funds, backed by leading crypto VCs and designed by veterans of the field.
Fordefi, a firm that develops financial software and technology, today announced the public release of its institutional MPC wallet and an $18 million seed investment (dApps). Electric Funding, Alameda Research, Jump Crypto, Castle Island, Pantera Capital, Illuminate Financial, PayPal Alumni Fund, Nima Capital, Digital Currency Group, Defiance Capital, and StarkWare, the firm’s initial capital raising was sponsored by Lightspeed Venture Partners.
According to Sam Harrison, Senior Advisor at Lightspeed Venture Partners and Managing Partner at Faction, “The Fordefi team is bringing to market a solution that addresses two of the major concerns in DeFi today: institutional-grade security and smart contract transparency.” “We are thrilled to support a seasoned team as they launch a strong solution that immediately addresses pain points that have prevented institutions from realizing the full benefits of decentralized finance.”
“This year, wallet hacks garnered a lot of attention. Until now, decentralized finance lacked a safe, reliable, and smooth method of connecting to D’Apps “Ken Deeter, a partner at Electric Capital, stated, “Fordefi’s single-browser extension will open doors for all crypto-native institutions on DeFi when combined with a top-notch institutional grade MPC wallet platform. As an investor, a design collaborator, and a customer, we are thrilled to be a part of Fordefi’s development.”
Introducing The Fordefi Platform
The Fordefi platform was created by its co-founders Josh Schwartz, CEO, Dima Kogan, CTO, and Michael Volfman, Vice President of Research and Development, in 2021, a year that was unprecedented for the adoption of cryptocurrencies as institutions began to take notice of the industry’s explosive growth and the massive influx of digital assets into the markets. Institutions could not participate in the boom in creating new blockchains and decentralized applications for investing since the readily available wallets had been developed years earlier and could not securely and confidently connect them.
According to Schwartz, “Decentralized finance is changing swiftly, and its complexity calls for a dynamic solution.” “Institutions that wish to take advantage of the new opportunities DeFi has provided while ensuring their assets are safeguarded cannot be served by legacy wallet providers. Fordefi developed a system designed for customers’ engagement with D’Apps using a DeFi-first methodology.”
DeFi transactions are significantly more complicated than straightforward asset transfers, and this is the secret to DeFi’s intriguing new potential, according to Kogan. “Sadly, increased complexity also introduces some additional security vulnerabilities. Fordefi provides institutions with detailed visibility into each transaction and the opportunity to set the appropriate rules, enhancing operational efficiency and security when interacting with DeFi apps.”
Fordefi, is a cutting-edge wallet and security platform enabling market participants to connect to decentralized applications quickly and securely. The only institutional MPC wallet on the market designed for businesses doing transactions on decentralized applications across blockchains is Fordefi’s platform. By converting smart contracts into human-readable English, simulating each transaction beforehand, and independently verifying dApp names, the system offers visibility into previously inaccessible transactions. The platform’s distinctive policy management capabilities enable users to define and create workflows, providing proactive protection against internal and external vulnerabilities. Its advanced MPC key management capabilities are designed to protect against any single point of failure.
“Our DeFi workflow has benefited greatly from Fordefi. We have observed increased user-friendliness, improved deployment efficiency, and uncompromised security across many on-chain options.” Shane Al, partner and head of investments at Fordefi Design.
“With the greatest levels of security, the Fordefi platform offers strong solutions for institutions to access hundreds of DeFi opportunities. The platform’s extensive customizability and ability to administer our policies and controls ensure a balance between flexibility and security, which is essential for liquid fund strategies.” Fordefi investor and design partner Jacob Goh is the head of operations and investor relations at DeFiance Capital.
About Fordefi
Institutions may easily connect to D’Apps on various chains with the help of Fordefi’s MPC wallet platform and Web3 gateway while maintaining the security of their digital assets. Fordefi, which offers MPC key management, self-serve DeFi policy controls, time-of-transaction intelligent contract insights, transaction simulation, and risk alarms, is the first institutional MPC wallet and security platform created for decentralized finance (DeFi). Fordefi was developed closely with top-tier trading companies, funds, and custodians. It was launched in 2021 by professionals in cryptocurrency custody and cybersecurity. Financial software and technology firm Fordefi has locations in Tel Aviv and New York.
The Founders, Josh Schwartz, Dima Kogan, and Michael Volfman, formed Fordefi after becoming recognized as industry leaders in cryptocurrency, cybersecurity, and financial services during a long career. Schwartz previously held the positions of Vice President of Sales at the digital custody platform BitGo and Chief Operating Officer at Curv, an institutional MPC wallet that PayPal bought in 2021. Dr. Kogan has worked in academia, business, and government for more than 15 years. In addition to winning the “Best Young Researcher” award at Eurocrypt 2018, the Theory of Cryptography Conference 2019, and Eurocrypt 2020, he graduated from Stanford with a Ph.D. in applied cryptography. Volfman is an engineering manager with 20 years of expertise in cybersecurity. He has worked as a director at Guardicore, chief technology officer of an ed-tech startup, vice president of R&D at Toka, and vice president of research and development at Toka.
