Giddy, a self-custodial smart wallet that allows users to securely store and manage their cryptocurrencies, has raised an additional $6.9 million in new funding co-led by a group of crypto backers. well-known centers.
With new capital in hand, Giddy plans to use the funding to grow his team, develop new features, and simplify access to decentralized finance (DeFi). The company is also exploring integration opportunities with other blockchain projects to enable seamless interoperability and further increase the utility of its self-custody smart wallet.
Giddy also offers a range of advanced security features to keep its users' digital assets safe. These include a multi-signature feature, which requires multiple signatures to approve a transaction, as well as a recovery phrase that allows users to restore their wallet in the event of loss or theft.
The platform has received accolades for its user-friendly interface and advanced security features, and has already attracted a growing community of users and partners.
The startup's recent growth cycle was led by Fortnite co-creator Geremy Mustard, who participated as a strategic investor. It was also funded by Pelion Venture Partners, Peak Capital Partners, Clarke Capital and other partners focused on building Web3.
This latest funding brings Giddy's total amount raised to over $15 million, following a previous funding round led by Pelion, which raised over $8 million in 2022.
While the strategic fundraising is complete, the endorsement of established and deep crypto venture capitalists is a huge boost for Giddy and the sphere at large. The seller continues to benefit from a push towards self-custody following the FTX fallout, as crypto holders responded by pulling their assets from exchanges to private wallets.
The collapse of several prominent crypto firms has highlighted the risks of relying on centralized custodians after billions of dollars in investor cash went up in smoke.
With her innovative approach and strong support, Giddy is well positioned to become a leader in this space and drive the next wave of innovation in digital asset management. The wallet provides advanced security features, such as multi-factor authentication and biometric verification, to ensure user assets remain safe and secure.
Eric Parker, CEO of Giddy, said, “From day one, our mission has been to provide fast, secure, and easy access to DeFi for everyone, regardless of their technical skills. We believe that blockchain technology will play a major role in democratizing access to wealth creation and economic freedom for all. We're excited to lead the effort to bring this to the mainstream, and we're grateful to our investors and supporters for helping us bring this vision to life. »
Giddy's most recent step was its integration with Robinhood Connect, a new feature that makes it easier for users of the popular free app to engage with DeFi protocols and self-service wallets. Giddy CEO Eric Parker told Fortune that Robinhood Connect provides "an easy way to buy and transfer crypto."
The new feature, which Web3 developers can integrate into their apps, gives users the ability to access funds from their Robinhood wallets directly from DeFi apps.
Giddy's recoverable self-custodial smart wallet technology is based on Multi-Party Computing (MPC), which is a cryptographic technique that allows the splitting and encryption of a private key into multiple shares that can be distributed across multiple sites.
This provides an additional layer of security and allows for easy recovery in the event of lost or compromised shares. Users can recover their wallets by accessing a secure portal, following a few simple steps, and using their remaining shares to generate a new private key.
Giddy is also designed to be interoperable with other decentralized applications and services (DApps). This allows users to easily integrate Giddy with other DApps to perform a wide range of functions.