Quick take:
- Odsy Foundation has announced a $7.5 million seed round led by Blockchange Ventures.
- The fundraising valued the decentralised wallet (dWallet) infrastructure platform at $250 million.
- Rubik Ventures, No Limit Holdings, Node Capital, Insignius Capital, FalconX, SolrDAO, and TPC Club also participated in the round.
Odsy Foundation has raised $7.5 million in a funding round led by Blockchange Ventures. The fundraising also attracted participation from Rubik Ventures, No Limit Holdings, Node Capital, Insignius Capital, FalconX, SolrDAO, and TPC Club, among others.
Odsy Foundation is the web3 organisation behind Odsy Network a decentralised wallet infrastructure platform that allows web3 builders to create trustless solutions for crypto exchanges, custodians and bridges.
The company is using its platform to help developers create products that can limit crypto exploits and cushion traders from events like last year’s FTX collapse and the Ronin Bridge breach.
Odsy Network provides a secure and programmable access control layer for all of Web3 through a new crypto primitive dubbed, dWallets (dynamic decentralized wallets). These are transferable signing mechanisms built on Odsy Network that can sign transactions on any blockchain.
Commenting on his company’s leading role in the fundraising, Ken Seiff, General Partner Blockchange Ventures highlighted the importance of dWallets, saying that in the future, “our money, IDs, assets will each be represented by valuable tokens on multiple blockchains.
“Just as each internet account requires a log-in, each blockchain requires a different wallet – and the tracking and maintenance of different wallets present a significant challenge and headache for users. This challenge will only grow as the number of blockchain networks multiply, and could continue to be a major obstacle to widespread consumer adoption. Odsy solves this challenge, and in doing so lowers the barrier to entry for mass adoption.”
Web3 builders will be able to use Odsy Network to implement any access control logic in a decentralized way, the company wrote in a press release on Thursday.
Though still in development, the platform already has over 10 projects actively building in the Odsy ecosystem including dWallet Labs and blockchain software developer, Fun.
Sean Lee, Executive Director at Odsy Foundation commented: “The potential of new solutions, ones that demonstrate real-world use cases but cannot be built in today’s fragmented crypto ecosystems, is extremely compelling for ambitious Web3 builders. dWallets is an entirely new way to imagine how digital assets should be accessed and policy managed in a multi-chain world, which is especially important as the industry explores the emergence of tokenized assets and their corresponding risk & compliance requirements.”
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