Dfns, a crypto wallet company, has secured $13.5 million in initial capital to develop its product, which protects fintech businesses’ and banks’ digital assets by securing the password to their cryptocurrency wallets.
In the funding round, White Star Capital was the lead investor. Hashed, Susquehanna, the venture arms of cryptocurrency exchange Coinbase, and Dutch bank ABN AMRO were among the others.
Dfns cryptocurrency wallet password protection technology
Dfns is a peer-to-peer network that seeks to help businesses safeguard digital assets by clustering crypto wallet passwords, also known as private keys, and spreading the pieces throughout a peer-to-peer network. As a result, the password to the cryptocurrency wallet is safeguarded and no longer exists in its whole form.
As per the reports, one of the primary hurdles to institutional adoption of crypto is due to its reported lack of security issues. Recently, the Ronin network was hit by a $625 million attack, one of the largest in history, in which compromised private keys were used to make fictitious withdrawals.
Dfns, located in Paris, plans to use the funds to expand its staff and distribute its keyless wallets across all decentralised finance (DeFi) apps.
