MetaMask challenger XDEFI Wallet secures $6 million to scale its next-generation DeFi wallet
XDEFI Wallet, a next-gen browser wallet, is proud to announce a $6 million round led by Mechanism Capital with participation from DeFiance Capital, Alameda Research, Sino Global Capital, Animoca Brands, Morningstar Ventures, CoinGecko, and some of the world’s top DeFi users including, Darren Lau (The Daily Ape), Mark Zeller (Aave), Scoopy Trooples and Mariano Conti.
“The crypto landscape has gone through an immense change in the last year through the explosion of DeFi, NFTs, and Multichain ecosystems. We are excited to back the XDEFI team, which built a beautiful product for users to take full advantage of the true Web3 experience,” stated Mechanism Capital General Partner, Andrew Kang, one of the investors, in this regard.
The browser wallet space has been dominated by MetaMask, which is solely focused on Ethereum compatible chains and was not built to cater to DeFi users’ needs.
Ease of access to DeFi
Other browser wallets such as Terra Station or Phantom were developed to support a specific Blockchain. As a consequence, DeFi users end up downloading several wallets to interact with different ecosystems at the expense of speed and security.
XDEFI Wallet’s Chrome extension is engineered to deliver the fastest possible experience for DeFi and NFTs. Unlike its competitors, it achieves this through native integrations with nine blockchains, proprietary gas pricing algorithms to ensure users never miss a block, and by automatically adding new token contracts to users’ wallets.
“In DeFi and NFTs, speed is alpha. The faster you can get into a mint, the faster you can move across chains, the faster you can sign a transaction – these things determine your ability to seize an opportunity or not. XDEFI Wallet has been built to give DeFi users a speed edge,” explained XDEFI Wallet CEO Emile Dubié.
The project recently completed an invite-only Beta with over 20,000 users and will be available for public release in early October.
Since its inception in August 2020, XDEFI Wallet has scaled from a team of 4 to a team of 25 with talents previously at Bloomberg, Consensys, B2C2, and Boston Consulting Group.
XDEFI Wallet will use the funds to launch proprietary integrations with Terra and Solana and deepen its existing integrations with THORChain, Ethereum, and other EVM-powered networks. The team’s vision long-term is to create a suite of products bridging different Blockchain ecosystems together in an effort to improve accessibility to the best DeFi and NFT opportunities.
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