Expanding Bitcoin Custody Models With FediMint
The Fedi team is using the ideas behind Chaumian Ecash to develop alternative custody solutions in order to onboard many more people to bitcoin.Disclaimer: The author is a venture partner at Ten31, which co-led Fedi's seed round.The below is a direct excerpt of Marty's Bent Issue #1241: “Fedi is here to bring a consumer app building on FediMint.” Sign up for the newsletter here.We've been covering the development of FediMint in Marty’s Bent for a little over a year now. FediMint is an open-source protocol that enables groups of individuals to create federated Chaumian Mints on Bitcoin.....
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Fedi raised $4 million to accelerate the development of the Fedimint protocol and its companion app Fedi — tools that can improve and scale bitcoin custody.
A new kind of custody could help alleviate issues presented by third-party custody like exchanges and first-party custody like hardware wallets.
A community custody protocol, Fedimint wants to scale the Bitcoin network to a billion users located in the global south. “Bitcoin is for billions, not billionaires,” a phrase first coined by investment researcher Lyn Alden, could soon become a reality, according to Fedimint. The protocol that aims to scale Bitcoin (BTC) while making it more private, has been buoyed by a $4.2 million seed round for the Fedi application.Cointelegraph spoke to Obi Nwosu, co-founder and CEO of Fedi, about the “incredible group of inspiring people who we are working with to support their activities to increase....
Fedi is working to change the face of bitcoin self-custody by onboarding millions of people onto bitcoin by getting them off exchanges.
FediMint could provide the Bitcoin stack with an open source, distributed, censorship resistant custody layer for less technical Bitcoin users.