Cross-Chain Wallet XDEFI Raises $6M to Take on MetaMask, Phantom


After a $6 million funding spherical from main blockchain enterprise capital corporations and decentralized finance (DeFi) energy customers, XDEFI Wallet is trying to problem incumbent MetaMask’s reign.

XDEFI is a pockets that may permit customers to work together with 9 completely different blockchains. Key options embrace proprietary gasoline pricing algorithms and routinely including new tokens to wallets based mostly on use.

Mechanism Capital led the funding spherical, with participation from heavyweights comparable to Alameda Research, Sino Global and Animoca Brands. The spherical additionally featured participation from DeFi energy customers and builders comparable to Darren Lau of Not3Lau Capital and pseudonymous Alchemix developer “Scoopy Trooples.”

Griping about user-experience limitations is among the hottest pastimes in crypto. Clunky wallets are largely seen as a barrier to mass adoption, and new chains usually have their very own wallets, comparable to Solana’s Phantom.

This forces customers to change between numerous front-ends and companies when attempting to pursue cross-chain yield farming methods – an usually agonizing course of in a subject the place velocity and effectivity are key to returns. Despite the clear want, nevertheless, few challengers have emerged to the ConsenSys-owned MetaMask, comfortably essentially the most dominant pockets.

In a press launch supplied to CoinDesk, XDEFI claimed that an early beta of its product noticed 20,000 customers. The full launch is presently scheduled for “early October.”