Share this article
Digital Currency Group and Node Capital Lead $5M Fundraise for Blockchain Security Firm dWallet Labs
The investment will help build projects on Odsy Network, a new layer 1 blockchain focused on decentralized wallet access.
By Brandy Betz
Updated May 11, 2023, 5:45 p.m. Published Aug 18, 2022, 12:00 p.m.
Node Capital and Digital Currency Group co-led a $5 million pre-seed funding round for dWallet Labs, a blockchain security firm developing projects for the Odsy Network, a new layer 1 blockchain focused on decentralized crypto wallets with customizable access permissions.
Digital Currency Group is the parent company of CoinDesk.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The rapid growth of the crypto industry has created an ever-expanding web of access points for new protocols, assets and blockchains, which often means that access has to be held by a centralized entity holding the so-called keys rather than remaining in the hands of the user.
The Odsy Network (pronounced “Odyssey”) serves as the base layer of its own crypto ecosystem built around dynamic decentralized wallets (dWallets), which offer customizable access control. The dWallets are a blockchain primitive, meaning that other projects can build on top of the wallet infrastructure to offer custom access for any other blockchain. Potential use cases include multi-chain decentralized autonomous organizations (DAO), or communities centralized around a certain goal, and decentralized finance infrastructure that is interoperable across blockchains.
"Today, we find it trivial that we have the appropriate access control, whether that be for a note-taking app or a bank account," said Omer Sadika, dWallet Labs founder and CEO, in the press release. "However, when it comes to crypto, we have to choose between poor access control we get from blockchains to centralized solutions that defeat the purpose of being decentralized in the first place."
Other participants in the funding round included Amplify Partners, Lightshift Capital, Liquid2 Ventures, Collider Ventures, Lemnsicap, Heroic Ventures, Impatient Ventures, Zero Knowledge, Dispersion Capital, Token Bay Capital, Tykhe Block Ventures, Cerulean Ventures and Earl Grey Capital, among others.
The Odsy Network was founded by Sadika, David Lachmish, Sean Lee and Yehonatan Cohen Scaly. The Zug, Switzerland-based Odsy Foundation, which has former Algorand Foundation CEO Lee as executive director, will support and develop the wider Odsy ecosystem. The dWallet Labs research and development entity will provide professional services to the Odsy Foundation and support those building on Odsy Network.
The near-term roadmap for dWallet and the Odsy Network already includes new capital infusions.
"We’re going through the process with the next funding rounds already, and a lot of those will be coming out in the coming weeks and months," Lee said during an interview with CoinDesk. "The pre-seed round was specifically to build out the team and the interface so that we could bring the Odsy Network out of stealth."
Read More: Custodial Wallets vs. Non-Custodial Crypto Wallets
Mehr für Sie
Was Sie wissen sollten:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Mehr für Sie
Brazil’s Largest Asset Manager Recommends Investors Put Up to 3% of their Money in Bitcoin to Hedge Against FX, Market Shocks
The recommendation is in line with other global asset managers like BlackRock and Bank of America suggesting small portfolio allocations to the largest cryptocurrency.
Was Sie wissen sollten:
- Itaú Asset Management recommends Brazilian investors allocate 1-3% of portfolios to bitcoin for diversification, citing its low correlation with traditional assets.
- The recommendation is a measured approach, suggesting a small, steady exposure to bitcoin as a complementary asset.
- In a year-end analyst’s note, the firm called for a disciplined, long-term mindset, warning against market timing and suggesting that a small allocation can act as a partial hedge and offer access to global returns.
Top Stories
