XDEFI Wallet announces $6M funding round to scale next-gen DeFi wallet 2021

Next generation browser wallet XDEFI Wallet secured $6 million in funding in a round led by Mechanism Capital with participation from CoinGecko, Animoca Brands, DeFiance Capital, Alameda Research, Morningstar Ventures, and top DeFi users like Mariano Conti and Darren Lau (The Daily Ape).

XDEFI Wallet CEO Emile Dubié states:

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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.

Mechanism Capital General Partner Andrew Kang commented:

The crypto landscape has gone through 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.

Challenging MetaMask’s hegemony

MetaMask, which focuses on chains compatible with Ethereum (ETH/USD), currently dominates the browser wallet space. Alternative browser wallets like Phantom and Terra Station were designed to support a specific Blockchain. As a result, DeFi users have to download multiple wallets to interact with different ecosystems. This slows them down and poses security risks.

XDEFI Wallet’s Chrome extension was designed to deliver the fastest possible experience for NFTs and DeFi. Unlike other wallets, it achieves this through proprietary gas pricing algorithms to ensure users never miss a block, native integrations with nine blockchains, and by automatically adding new token contracts to users’ wallets. Recently, the project completed an invite-only Beta with over 20,000 users. It will be released to the public in early October.

Funds used to launch Terra and Solana integrations  

XDEFI Wallet will use the money from the funding round to deepen its existing integrations with THORChain (RUNE/USD) and Ethereum and launch proprietary integrations with Terra (LUNA/USD) and Solana (SOL/USD). The team’s long-term goal is to create a set of products linking different Blockchain ecosystems in an effort to make the best DeFi and NFT opportunities accessible to users.