- The company is now valued at $250 million.
- Funds are used to finance the development of decentralized crypto wallets
Odsy Network Company announced on the closing of a funding round for $7.5 million, as a result of which the startup’s valuation increased to $250 million. They plan to use the new capital to finance the development of decentralized crypto wallets. Blockchange Ventures became the main investor, Rubik Ventures, Node Capital and FalconX also took part in the round.
The Odsy Foundation, which is working to promote the web, said its goal is to decentralize Web3 access control. And the general partner of Blockchange Ventures, Ken Seiff, said:
“Just like every account on the internet requires authorization, every blockchain needs its own wallet. Tracking and managing different wallets is becoming a major issue and a major source of concern for users. This problem will only increase as the number of blockchain networks grows. Odsy solves it, and thus lowers the barrier to mass adoption.”
Although the Odsy network is still under development, there are already more than 10 projects actively developing in the ecosystem. Most of them support venture capital. One of them, dWallet Labs, was able to raise $5 million from Digital Currency Group and Node Capital and startup Fun, which raised $3.9 million in a round led by JAM Fund.
