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Crypto Firm Ctrl Wallet Up for Sale With Bids Due by the End of the Month
The self-custody wallet received two M&A approaches last year which triggered a sales process for the company.
Jan 16, 2025, 3:55 p.m.
What to know:
- Ctrl Wallet is up for sale after having received two M&A approaches last year.
- The self-custody wallet is in an auction process with bids due by Jan. 28.
Ctrl Wallet, the multi-chain self-custody wallet solution is up for sale, the company's CEO and founder Emile Dubie told CoinDesk in an exclusive interview.
The sales process was triggered after the company received two M&A approaches late last year, Dubie said.
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The wallet provider, formerly known as XDEFI, received a takeover offer from a crypto protocol and also an approach to merge with a large decentralized exchange (DEX).
The business has subsequently engaged investment bankers to organise a sales process and Ctrl Wallet is being advised by Imperii Partners, Dubie added.
An auction process is ongoing with bids due by Jan. 28., and a winning bidder is expected to be announced by Jan. 31.
Ctrl Wallet currently has 650,000 users, with a goal to get to over 2 million by the end of the year, the CEO said.
The firm's main competitors are Coinbase Wallet, Binance's Trust Wallet and OKX's wallet. To be able to compete with these larger players the company needs a partner, someone who can invest in the business, Dubie said.
The company raised money in 2021 at a valuation of $60 million.
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