Crypto staking app Giddy has raised $6.9 million in a fresh round of funding. The crypto startup will use the funds to bring easy crypto DeFi adoption to the masses, made possible by its recoverable self-custody smart wallet technology.
Geremy Mustard, a co-creator of Fortnite, participated in the round as a strategic investor along with Pelion Venture Partners, Peak Capital Partners, Clarke Capital, and other Web3-focused strategic partners. Following a more than $8 million funding round led by Pelion in 2022, the investment brings Giddy’s total amount raised to more than $15 million.
There has been a determined push toward self-custody of digital assets due to the recent failure of FTX and other centralized platforms. More than ever, cryptocurrency users know the significant hazards of having a third party hold their tokens on their behalf.
At its foundation, cryptocurrencies are about regaining control over your money and embracing financial freedom, but this can’t happen as long as most platforms are centralized, custodial, and predicated on trust.
Eric Parker, CEO of Giddy, said, “From day one, our mission has been to provide everyone fast, safe, and easy access to DeFi, regardless of their technical skill. We believe blockchain technology will play a major role in democratizing access to wealth-building and economic freedom for everyone.
“We’re thrilled to be leading the effort in making this accessible for the mainstream and are grateful to our investors and supporters in helping us bring this vision to life,” he added.
Giddy provides a self-custody crypto wallet to offer a recoverable private key
Giddy makes crypto and DeFi safe and available to everyone with its recoverable private key, fiat onramps and offramps, and single-swipe staking for several protocols.
The private key is divided via Giddy’s smart wallet, and individual shares are encrypted and stored in various places under the user’s control. The user’s private key will be safe even if one share is misplaced or compromised because numerous shares are needed for recovery.
Additionally, users can retrieve their wallet using Giddy’s MPC technology even if they misplace their recovery share by taking a few easy steps.
Despite being in development for over a year before the Ethereum Foundation’s guidelines were published, Giddy’s original solution incorporates parts in the new ERC-4337 standard to make cryptocurrency wallets more user-friendly.
Giddy is not only making cryptocurrency safer but also more welcoming. Users may purchase, sell, send, and earn cryptocurrency from a simple smartphone app.
Running out of petrol is a thing of the past, as is dealing with painful, complicated DeFi transactions. Giddy’s first-to-market Autogas feature helps users avoid transaction failure by saving them the time and trouble of exchanging tokens.
Giddy wants to open up access to decentralized finance for everyone. You can purchase, trade, send, and earn cryptocurrency all from one secure and user-friendly smartphone app with Giddy.
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