Fedi Raises $4 Million To Scale Bitcoin Custody With Fedimint
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.Fedi Inc. on Tuesday announced that it had raised $4.2 million in a seed round as the company seeks to onboard more users onto Bitcoin with the Fedi app, per a statement sent to Bitcoin Magazine.The application, which the company expects to begin rolling out in Q1 2023, will provide a user interface for Fedimint, an open-source protocol that leverages federated Chaumian Ecash mints to decentralize bitcoin custody and enhance the scaling....
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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....
The Fedi team is using the ideas behind Chaumian Ecash to develop alternative custody solutions in order to onboard many more people to bitcoin.
Fedi is working to change the face of bitcoin self-custody by onboarding millions of people onto bitcoin by getting them off exchanges.
A new kind of custody could help alleviate issues presented by third-party custody like exchanges and first-party custody like hardware wallets.
Fedi enables people around the world to easily interact with and use bitcoin in a decentralized, private and simple way.