Giddy smart wallet secures $6.9M in funding to accelerate mainstream DeFi adoption

Giddy, a leading provider of innovative recoverable self-custody smart wallet technology, is committed to democratizing the world of decentralized finance (DeFi).

The company secured an impressive $6.9 million in a new round of investment, which will be instrumental in achieving its mission of delivering accessible crypto DeFi adoption to the masses, according to a press release by Giddy on April 27 published on News Direct.

With this significant funding boost, Giddy is poised to make a major impact on the DeFi landscape, leveraging its cutting-edge technology to bring DeFi to a wider audience.

Geremy Mustard, co-creator of the popular game Fortnite, participated in the latest funding round as a strategic investor, joining the likes of Pelion Venture Partners, Peak Capital Partners, Clarke Capital, and other key players focused on developing Web3. This investment brings Giddy’s total funding to over $15 million, following a successful $8+ million funding round led by Pelion in 2022.

Eric Parker, CEO of Giddy said:

“From day one, our mission has been to provide fast, safe, and easy access to DeFi for everyone, regardless of their technical skill. We believe blockchain technology will play a major role in democratizing access to wealth-building and economic freedom for everyone. We’re thrilled to be leading the effort in making this accessible for the mainstream, and are grateful to our investors and supporters in helping us bring this vision to life.”

Giddy features on Robinhood Connect program

Furthermore on April 27, Robinhood introduced a new product for Web3 developers: Robinhood Connect. Interestingly, Giddy was among the wallets it chose to include in its new Robinhood Connect program. 

The announced plug-in is free for developers to embed into Web3 applications and allows customers using outside wallets such as the Giddy and decentralized applications, or programs running on blockchains, to buy tokens through Robinhood’s crypto exchange.

Giddy’s smart wallet

Giddy’s smart wallet is designed to ensure the safety and security of your private key. The wallet implements a unique approach that splits the private key into individual shares and encrypts them, storing them in multiple locations controlled by the user. This means that even if one share is lost or compromised, the user’s private key remains secure as multiple shares are required for recovery. 

Additionally, Giddy’s MPC technology enables users to recover their wallet even if they lose a recovery share, by following a few straightforward steps. Finally, Giddy’s solution incorporates elements of the Ethereum Foundation’s guidelines in the new ERC-4337 standard, which aims to improve the user-friendliness of crypto wallets.