Fedi, a financial and data technology company, has raised $17 million in a Series A funding round and plans to launch an alpha version of Fedi for developers in May 2023, according to BitcoinKe.
Founded by Obi Nwosu, who stated in a blog post that, In a blog post, CEO Obi, “With so much interest in this round, we were able to select investors who have complete agreement on the future we are trying to create with Fedi, the world’s first federated operating system.”
Fedi is a technology company that develops global Bitcoin adoption technology and is interoperable with the Bitcoin Lightning Network thanks to the Fedimint Protocol.
The company’s primary product is the Fedi mobile app, which is intended to assist billions of individuals use Bitcoin safely, privately, and scalably.
Nwosu co-founded the company with Eric Sirion and Justin Moon with the goal of creating the world’s first federated operating system, allowing people to work together through “federations made up of friends, families, neighbors, non-profit organizations, social clubs, businesses, conferences, and other forms of community to take authority of their money, data, and digital lives while preserving user privacy and autonomy.”
A user can use the app to create a federation, invite members, and then chat and transact Bitcoin privately all in one place. Community leaders can personalize the experience by including sites and services that are relevant to community members.
The company’s full wallet includes all of the features you require, such as secure offline transfers without middlemen within your federation and stable balances.
Fedi, on the other hand, claims that it differs from other Bitcoin wallets in two key ways which are Federated Custody and Privacy.
The company is based on the Fedimint protocol, an open-source protocol for custody and doing business with Bitcoin in a community context, which makes it simple for developers to create additional apps and modules to supplement Fedi’s products and give users more options.
“The Bitcoin community is already aware of the protocol’s enormous possibilities,” Nwosu said. “But what’s most exciting about Fedi is that you don’t have to be an existing Bitcoiner, or even especially proficient in technology, to rapidly begin using this to solve real problems within your community,” said Nwosu, one of four Africans on the board of the Btrust Bitcoin Development Fund founded by Jay Z and Jack Dorsey.
The funding round, which brings Fedi’s total funding to $21.21 million, was led by Ego Death Capital, with participation from; TBD, a component of Block, Kingsway, Trammell Venture Partners is a venture capital firm and TimeChain.
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