With fresh capital at hand, XDEFI plans to expand its current team of 27 by hiring more engineers and a head of growth, said Dubie. The wallet also plans to improve its swap functionality between Layer-1 and Layer-2 blockchain networks.
XDEFI says it is blockchain agnostic as opposed to MetaMask, which is solely focused on Ethereum and Ethereum-compatible chains. It’s also different from other crypto wallets that are chain-specific, such as Phantom for Solana and Terra Station for Terra.
XDEFI Wallet, a multi-chain crypto wallet that comes in the form of a browser extension, has raised $6 million in a new funding round.
It was a Series A funding round and was realized via a mix of token and equity sales, XDEFI co-founder Emile Dubie told The Block. Mechanism Capital led the round, with participation from DeFiance Capital, Alameda Research, Sino Global Capital, Animoca Brands, and CoinGecko, among others.
XDEFI presently helps 9 blockchains, together with Ethereum, Polygon, Binance Smart Chain, Terra, THORChain, and Bitcoin, and it’s far running on including assist for Avalanche, Arbitrum, and Solana, stated Dubie. The pockets is presently in an invite-most effective beta mode and is anticipated to be launched publicly early subsequent month.
When asked how XDEFI intends to lure users away from established wallets like MetaMask, Dubie stated that the XDEFI wallet is faster than MetaMask at processing transactions and switching between networks. “We’ve also created a ‘Ape mode’ for DeFi users, so they have an advantage over users using other wallets when jumping into a farm or minting NFTs,” he said.
Notably, XDEFI will release with its local token, stated Dubie. The token layout became made with the aid of using Delphi Digital, he added, however declined to touch upon how the token might be used. The Series A spherical brings XDEFI’s overall investment to this point to $7.2 million. Earlier this year, the undertaking raised $1.2. million in seed investment. XDEFI additionally plans to maintain a public token sale withinside the close to future, stated Dubie.