Giddy Crypto Wallet Raises Funds for Self-Custody Adoption
- Crypto wallet startup Giddy has raised $6.9 million in new funding, bringing total investments in the company to more than $15 million.
- The funding round saw participation from Pelion Venture Partners, Peak Capital Partners, Clarke Capital and others.
- Giddy will use the proceeds to further its strategy of bringing crypto adoption to masses through its “recoverable self-custody smart wallet technology.”
What is Self-Custody?
Self-custody refers to having control of one’s own digital assets without relying on centralized exchanges or trusting third parties with one’s private keys. After the collapse of centralized exchanges such as FTX, self-custody has taken center stage as a way of ensuring users’ funds are safe. Giddy’s self-custody wallet stores user’s private keys across multiple locations controlled by the user and encrypted for safety. This ensures that in case any shares are lost or compromised, multiple shares are required for recovery.
The latest funding round was led by Pelion Venture Partners, Peak Capital Partners and Clarke Capital, with strategic investment from Fortnite co-creator Geremy Mustard. Additionally, Block (SQ), the payments company led by Twitter co-founder Jack Dorsey, also announced plans for developing a new digital wallet where customers can hold their own bitcoin (BTC).
Giddy wants to bring crypto adoption to masses through its “recoverable self-custody smart wallet technology”. It aims to increase financial freedom and enable users to take back control of their finances away from trust based platforms.