Odsy Network, a layer 1 blockchain, has successfully raised $7.5 million in funding for the development of decentralized crypto wallets. The funding round, led by Blockchange Ventures and participated by firms such as Rubik Ventures, Node Capital, and FalconX, resulted in a valuation of $250 million for Odsy Network. This exciting news was announced via email on Thursday.
The Odsy Foundation, an organization based in Zug, Switzerland, is dedicated to driving the adoption of the network. The foundation aims to decentralize access control in Web3, thereby eliminating the need for users to possess multiple wallets to access various networks and applications. This hurdle has hindered wider adoption of decentralized technologies.Blockchange Ventures’ general partner, Ken Seiff, highlighted the challenge faced by users in managing multiple wallets. Just as each internet account requires a log-in, different blockchains demand different wallets. The tracking and maintenance of multiple wallets pose significant obstacles and headaches for users. Seiff emphasized that this challenge will only intensify as the number of blockchain networks continues to grow.
To address this issue, Odsy has developed decentralized wallets, known as dWallets. These wallets are specifically designed to provide seamless access to diverse Web3 protocols and platforms through transferable signing mechanisms on the Odsy Network. Moreover, they possess the capability to sign transactions on virtually any other blockchain.Numerous companies have chosen to build on the Odsy Network, including dWallet Labs. This firm specializes in offering blockchain security for other projects based on Odsy and has successfully raised $5 million in a funding round led by Node Capital and Digital Currency Group, the parent company of CoinDesk.With the support of prominent investors and a strong ecosystem of partners, Odsy Network is poised to revolutionize the accessibility and usability of decentralized technologies through its innovative dWallets.