Odsy, the developer of decentralized wallets, raised $7.5 million in funding. The funding was led by Blockchange Ventures and included participation from Rubik Ventures, Node Capital, FalconX, and other investors.
Odsy Network, a type of blockchain technology called layer 1, secured $7.5 million in funding to support the creation and improvement of decentralized cryptocurrency wallets.
According to a recent email announcement, Odsy Network, a blockchain company, raised $7.5 million in funding. The funding round was led by Blockchange Ventures and involved participation from other firms like Rubik Ventures, Node Capital, and FalconX. As a result of this funding, the company is now valued at $250 million.
Odsy Foundation, an organization based in Zug, Switzerland, is dedicated to encouraging the adoption of the Odsy network. Their objective is to decentralize access control in Web3. This means they aim to eliminate the need for users to have multiple wallets to access various networks and applications. By doing so, they hope to remove a barrier that hinders the widespread adoption of blockchain technology.
Blockchange Ventures general partner Ken Seiff explained that similar to needing a separate log-in for each internet account, every blockchain requires a different wallet. This can be a major challenge and inconvenience for users to track and manage multiple wallets. As the number of blockchain networks continues to grow, this challenge will only become more significant.
Odsy’s decentralized wallets, known as dWallets, are specifically created to enable users to access various Web3 protocols and platforms. They achieve this by utilizing transferable signing mechanisms on the Odsy Network. Additionally, these wallets have the capability to sign transactions on almost any other blockchain, allowing for seamless interaction across different blockchain networks and applications. dWallet Labs, a firm providing blockchain security for other Odsy-based projects.
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