The Odsy Foundation Raises $7.5M in Seed Round Phase

Twitter icon  •  Published il y a 10 mois  •  Hassan Maishera

The Odsy Foundation has raised $7.5 million in a seed funding round led by Blockchange Ventures and will use the funds to decentralize access control in web3.

The Odsy Foundation, a non-profit organization dedicated to fostering and developing the Odsy Network ecosystem, announced on Thursday that it has raised $7.5M in seed funding.

In a press release shared with Cryptowisser, The Odsy Foundation said the Odsy Network is now valued at $250 million following this funding round.

The funding round was led by Blockchange Ventures with the participation of VCs, strategic partners and investment DAOs, including Rubik Ventures, No Limit Holdings, Node Capital, Insignius Capital, FalconX, SolrDAO, TPC and others.

The Odsy Network provides a secure and programmable access control layer for all of Web3 through a new crypto primitive - dWallets (dynamic decentralized wallets). 

While commenting on this latest development, 

Ken Seiff, General Partner Blockchange Ventures, said

"In the future, our money, IDs, assets, and so much more will each be represented by valuable tokens on what is almost certain to be many different blockchains. Just as each internet account requires a log-in, each blockchain requires a different wallet - and the tracking and maintenance of different wallets present a significant challenge and headache for users. This challenge will only grow as the number of blockchain networks multiply, and could continue to be a major obstacle to widespread consumer adoption. Odsy solves this challenge, and in doing so lowers the barrier to entry for mass adoption."

dWallets are programmable, which means that Web3 builders can use the Odsy Network to implement any access control logic in a completely decentralized way. This paves the way for Web3 builders to recreate existing solutions such as exchanges, custodians, bridges etc., in a trustless way, but also to create brand new solutions that were not possible before, like natively multi-chain DAOs or a marketplace where wallets could be traded.

The Odsy Network is currently in development, but there are more than 10 projects actively building in the Odsy ecosystem, the team added. 

Sean Lee, Executive Director at Odsy Foundation, and former CEO of Algorand Foundation, commented that

“The potential of new solutions, ones that demonstrate real-world use cases but cannot be built in today’s fragmented crypto ecosystems, is extremely compelling for ambitious Web3 builders. dWallets is an entirely new way to imagine how digital assets should be accessed and policy managed in a multi-chain world, which is especially important as the industry explores the emergence of tokenized assets and their corresponding risk & compliance requirements.” 

Omer Sadika, Co-Founder of Odsy Network, and CEO of dWallet Labs, also commented that;

“The technical and scientific challenges we are facing are amongst the most complex in crypto today, and we have one of the best research teams in the world with over 10 world-class experts in modern cryptography. Over the upcoming months, we will publish the cryptographic research that makes dWallets and the Odsy Network possible, and also the novel engineering framework of Odsy that will be a key driver in connecting Web3 to the real world.” 

The Odsy Foundation is a non-profit organization based in Zug, Switzerland, established in August 2022, dedicated to fostering and developing the Odsy Network ecosystem. The foundation works to accelerate the adoption of dWallets and the Odsy Network by promoting research, education, development and partnerships. Meanwhile, the Odsy Network provides a secure, programmable, decentralized access layer to all of Web3 through dynamic, decentralized wallets (dWallets).

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.