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Crypto Wallet Firm Fordefi Expands in Indonesia Powering Pintu Web3 Self-Custodial Wallet
The move is part of Fordefi's plan to extend its wallet service mostly used by institutional investors to retail-facing trading platforms.
Updated May 29, 2024, 1:27 p.m. Published May 29, 2024, 1:25 p.m.
Crypto and decentralized finance wallet provider Fordefi said Wednesday it is expanding to the booming Indonesian market with powering local cryptocurrency trading platform Pintu's web3 wallet offering.
The move is part of Fordefi's plan to introduce its offering, mostly used by institutional participants such as Pantera Capital and market maker Keyrock, to exchanges, fintech platforms that serve retail investors.
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Pintu's 20 million users will be able to self-custody their digital assets and access decentralized applications with Fordefi's tech in the backend, while benefiting from security features such as transaction simulation and risk alerts.
Fordefi aims to make crypto safer with its self-custodial wallet with multi-party computation (MPC) that divides a single private key among multiple parties, eliminating a single point of failure. MPC wallets are harder to hack and make interaction with DeFi apps less risky.
Read more: Crypto and DeFi Wallet Firm Fordefi Gets Cover from Insurance Giant Munich Re
The company has onboarded institutional investors such as Pantera Capital, DeFiance Capital, Keyrock and Flare Network to its wallet offering. It also raised $10 million from venture capital investors led by Electric Capital earlier this year.
"The lack of security and guardrails in place for retail investors has stifled Web3 adoption," Josh Schwartz, CEO of Fordefi, said in a statement. "With Fordefi, retailers can leverage the same security infrastructure used by the most sophisticated institutions in the market.”
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
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- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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