For several years, Metamask has dominated the space of wallets integrated into web browsers. With the completion of a notable fundraising round, XDEFI is looking to shake up the established order.
Counting among its backers some big names in the industry, XDEFI wants to offer a product in line with the expectations of cryptocurrency enthusiasts who want to take advantage of the explosion of various blockchain networks and the opportunities that come with them.
XDEFI, future champion of browser wallet?
This is an announcement that will make a lot of noise: XDEFI unveils today the completion of a $6 million funding round led by Mechanism Capital. The round includes many of the crypto sphere’s star backers such as DeFiance Capital, Alameda Research, Sino Global Capital, Animoca Brands, Morningstar Ventures, CoinGecko, as well as recognized and influential users in the DeFi world, including Darren Lau (The Daily Ape), Mark Zeller (Aave), Scoopy Trooples and Mariano Conti.
At the event, Mechanism Capital’s General Partner Andrew Kang did not mince words in expressing his excitement:
“The crypto landscape has seen immense changes in the last year with the explosion of DeFi, NFT and multi-chain ecosystems. We’re thrilled to support the XDEFI team, who have built a beautiful product that allows users to fully enjoy the true Web3 experience.”
Andrew Kang, general partner of Mechanism Capital
A Wallet to manage them all
It was the realization that there was no truly instinctive and integrated solution in 2020 that prompted the current leaders of XDEFI to embark on the development of a next-generation browser wallet. Starting with a team of four, the company quickly grew to twenty-seven members, including talent that previously worked at Bloomberg, Consensys, B2C2 and Boston Consulting Group.
Focusing on a non-custodial and crosschain approach, the portfolio aims to simplify the lives of cryptocurrency holders, from NFT addicts to investors on the lookout for the latest DeFi opportunities
“In DeFi and NFTs, speed is the alpha. The faster you can take advantage of a mint, move through the chains, sign a transaction – these things determine your ability to seize an opportunity or not. XDEFI Wallet was built to give DeFi users a speed advantage.”
XDEFI Wallet CEO, Emile Dubié
Despite its reputation, MetaMask is struggling to meet the needs of DeFi users, with an approach that is still too focused on Ethereum. At the same time, other browser wallets such as Terra Station or Phantom, have been developed to support each a specific blockchain. As a result, investors fond of DeFi are burdened with multiple wallets, obstructing their interactions with different ecosystems, to the detriment of responsiveness and security.
Simplicity, efficiency, security
Currently in private beta-testing, XDEFI already allows 20,000 users to receive, send, store and even exchange tokens directly, to connect to decentralized applications or to manage their NFTs. It is also possible to connect physical wallets such as Ledger to take advantage of its intuitive interface.
The XDEFI Wallet extension for Chrome or Brave is indeed designed to offer the easiest and most efficient crypto-asset management experience in the industry, thanks to, among other things, the native integration on many blockchain networks:
- Bitcoin (BTC);
- Ethereum (ETH);
- Polygon (MATIC) ;
- Litecoin (LTC);
- Bitcoin Cash (BCH);
- THORChain (RUNE)
- Binance Smart Chain (BSC) and Binance Chain;
The protocol even has the luxury of a proprietary gas pricing algorithm to ensure that users never miss a block. Added to this is the automatic generation of new token contracts to users’ wallets.
With the funds raised, XDEFI Wallet will therefore continue its quest for the ultimate interconnection. The team has already announced the launch of Terra and Solana integrations, but also mentions the rapid support of Avalanche and Near protocol networks.
Add to that the deepening of its privileged ties with THORChain, and you get the portrait of a future giant in the crypto ecosystem that will finally be accessible to the general public during the month of October.
