XDEFI Wallet raises $6m in funding to scale cross-chain DeFi wallet
Cross-chain browser wallet XDEFI Wallet announced that it has secured $6 million in a funding round led by Mechanism Capital.
XDEFI plans to use the capital to expand its current team
The $6 million was raised through an A Series A funding round via a SAFT (simple agreement on future tokens) and equity sales. Mechanism Capital led the round, with CoinGecko, Animoca Brands, DeFiance Capital, Alameda Research, Morningstar Ventures, and top DeFi users such as Mariano Conti and Darren Lau participating in the funding round.XDEFI plans to use the capital to expand its current team of 27 employees by hiring more engineers and a head of growth. The wallet also intends to improve its swap functionality between Layer 1 and Layer 2 blockchain networks. XDEFI says it is blockchain agnostic, unlike MetaMask, which focuses exclusively on Ethereum and Ethereum-compatible chains. It is also different than other crypto wallets that are chain-specific, such as Phantom for Solana.
The wallet will launch with its own token
XDEFI Wallet's Chrome extension is designed to provide the fastest possible experience for NFTs and DeFi. Unlike other wallets, it achieves this through proprietary gas pricing algorithms that ensure users do not miss a block, native integrations with nine blockchains, and automatically adds new token contracts to users' wallets. The project recently completed an exclusive beta phase with over 20,000 users. It will be released to the public in early October.The team's long-term goal is to develop a set of products that connect different blockchain ecosystems to provide users with the best DeFi and NFT options. XDEFI also plans to launch with its own token, but it's unclear how XDEFI will use the token within its wallet.
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