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Cross-Chain Wallet XDEFI Raises $6M to Take on MetaMask, Phantom
With functionality across nine chains, XDEFI anticipates a full launch early next month.
Updated May 11, 2023, 3:34 p.m. Published Sep 29, 2021, 7:21 p.m.
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After a $6 million funding round from leading blockchain venture capital firms and decentralized finance (DeFi) power users, XDEFI Wallet is looking to challenge incumbent MetaMask’s reign.
XDEFI is a wallet that will allow users to interact with nine different blockchains. Key features include proprietary gas pricing algorithms and automatically adding new tokens to wallets based on use.
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Mechanism Capital led the funding round, with participation from heavyweights such as Alameda Research, Sino Global and Animoca Brands. The round also featured participation from DeFi power users and developers such as Darren Lau of Not3Lau Capital and pseudonymous Alchemix developer “Scoopy Trooples.”
Griping about user-experience barriers is one of the most popular pastimes in crypto. Clunky wallets are largely seen as a barrier to mass adoption, and new chains often have their own wallets, such as Solana’s Phantom.
This forces users to switch between various front-ends and services when trying to pursue cross-chain yield farming strategies – an often agonizing process in a field where speed and efficiency are key to returns. Despite the clear need, however, few challengers have emerged to the ConsenSys-owned MetaMask, comfortably the most dominant wallet.
In a press release provided to CoinDesk, XDEFI claimed that an early beta of its product saw 20,000 users. The full launch is currently scheduled for “early October.”
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