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Crypto Wallet Giddy Raises $6.9M in Funding to Further Self-Custody Adoption
Fortnite co-creator Geremy Mustard took part as a strategic investor in the round.
Crypto wallet startup Giddy has raised $6.9 million in new funding, bringing total investments to in the company to more than $15 million to date.
Investors in this round included Pelion Venture Partners, Peak Capital Partners, Clarke Capital and others, including a strategic investment from Fortnite co-creator Geremy Mustard, the company said in a press release. Pelion led Giddy's $8 million funding round in 2022.
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Giddy said proceeds from the fresh capital will be used to further its strategy to bring crypto adoption to masses through its "recoverable self-custody smart wallet technology."
After the collapse of centralized exchanges such as FTX, self-custody, or having control of your own digital assets, has taken the spotlight to ensure safety of users funds. Most recently, Block (SQ), the payments company led by Twitter co-founder Jack Dorsey, said that future of crypto is self-custody and is working on developing a new digital digital wallet to let customers hold their own bitcoin (BTC).
"Crypto users understand now, more than ever, that there are serious risks with a third-party holding their tokens for them," Giddy said in its statement. "Crypto, at its core, is about taking back control of your finances and embracing financial freedom, but this cannot happen as long as the mainstream continues to rely on centralized, custodial, trust-based platforms."
Read more: Crypto Wallet Giddy Lets Polygon Users Pay Gas Fees in USDC
In Giddy's self-custody wallet, the private key to access user's fund is split and those individual shares are encrypted and stored across multiple locations controlled by the user, the company said. This ensures safety of the user's private key in case any shares are lost or compromised, since multiple shares are required for recovery.
The firm also claims that its MPC technology, will let users recover their wallet even if they lose a recovery share by following a few steps.
Read more: MPC Explained: The Bold New Vision for Securing Crypto Money
Aoyon Ashraf
Aoyon Ashraf is CoinDesk's managing editor for Breaking News. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ALGO, ADA, SOL, OP and some other altcoins which are below CoinDesk's disclosure threshold of $1,000.
