Multi-chain crypto wallet XDEFI raises $6 million in new funding

Quick Take

  • Multi-chain crypto wallet XDEFI has raised $6 million in new funding, led by Mechanism Capital.
  • XDEFI plans to add support for Avalanche, Arbitrum, and Solana, said co-founder Emile Dubie.

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 SAFT (simple agreement for future tokens) 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, CoinGecko, and Morningstar Ventures, among others.

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 currently supports nine blockchains, including Ethereum, Polygon, Binance Smart Chain, Terra, THORChain, and Bitcoin, and it is working on adding support for Avalanche, Arbitrum, and Solana, said Dubie.  The wallet is currently in an invite-only beta mode and is expected to be released publicly early next month.

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