dWallet Labs raises $5M in pre-seed round led by DCG and Node Capital

dWallet Labs, a blockchain security company  building protocols and projects on the decentralised layer1 platform Odsy Network, has raised $5 million in its pre-seed funding round.

Digital Currency Group (DCG) and Node Capital led the round, with participation from multiple leading venture capital funds. Those joining the financing round included Amplify Partners, Lightshift Capital, Collider Ventures, Liquid2 Ventures, Heroic Ventures, Zero Knowledge, Dispersion Capital, Impatient Ventures, and Token Bay Capital among others.

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

The capital injection also attracted leading industry founders and angel investors, including from crypto exchange Coinbase, blockchain ecosystem Ethereum and Celo, as well as AngelList, Spearhead and Alt.

dWallet Labs will use the funds to build the protocol ecosystem on Odsy (pronounced Odyssey: od-uh-see).

Commenting on the raise and what could be possible with dWallets and the Odys Network, Sean Lee, Executive Director at Odsy Foundation, and former CEO of the Algorand Foundation, told Invezz:

Having been a technologist my entire career, I have witnessed multiple waves of innovations over the past 20 years that propel us from the impossible to the possible. It requires imagination and maturation before the crossing-the-chasm moment, which I believe is now for the crypto industry at large. What we’re building within the Odsy Network and its dWallet primitive will be part of this moment, where impossible use cases today become tomorrow’s reality.”

Decentralised access control for Web3

Growth within the crypto and blockchain technology space continues with new applications and implementations adding to the pioneering decentralised money made possible by Bitcoin (BTC/USD) since its launch in 2009.

Today, the industry has thousands of decentralised applications (dApps) built on smart contract platforms such as Ethereum, and continues to see new technological leaps, including within Web3.

But despite these steps, full decentralisation – where users have complete control over their assets or keys – continues to suffer setbacks. What’s aiding this is the proliferation and fragmentation of protocols, chains and assets.

The dWallet Labs team say the decentralised wallets (dWallets) technology and all the possible use cases will not just give users true custody of their assets, but also open the Web3 space to the real world.

“Custody is just the tip of the iceberg, trustless access control is the missing piece of crypto. dWallets and the Odsy Network will connect crypto to the real world with so many new use cases,” Omer Sadika, founder and CEO of dWallet Labs said in a press release.

The Odsy Network is out of stealth, with the website going live on 18 August 2022.