The Odsy Foundation has raised $7.5M in seed funding, led by Blockchange Ventures, to develop the Odsy Network ecosystem and create a secure and programmable access control layer for Web3 through dWallets. This new crypto primitive will enable decentralized signing mechanisms and lower the barrier to entry for mass adoption. The Odsy Network is already attracting VC-backed projects and could pave the way for new solutions in a multi-chain world.
Odsy Foundation secures seed funding valued at $250 million
The seed round was Led by Blockchange Ventures, with participation from other venture capitalists, strategic partners, and investment DAOs, including Rubik Ventures, No Limit Holdings, Node Capital, Insignius Capital, FalconX, SolrDAO, TPC and others.
The foundation will use the funds to create a secure and programmable access control layer for Web3 through a new crypto primitive known as dWallets. These are transferable signing mechanisms that live on the Odsy Network, allowing transactions to be signed on practically any other blockchain.
As Web3 builders increasingly seek solutions that enable real-world use cases and decentralised access control, the Odsy Network offers a secure and fully programmable system for developers to build applications.
While there are over 10 projects actively building in the Odsy ecosystem, the network is still in development.
Many of these projects are VC-backed. dWallet Labs, for example, raised an impressive $5 million in a round led by Digital Currency Group and Node Capital, while Fun raised $3.9 million in a round led by JAM Fund, which is backed by Tinder Co-Founder Justin Mateen.
Odsy will use improvements in modern cryptography primitives, such as Multi-Party Computation (MPC), to allow users to generate signed transactions to other blockchains, including Bitcoin and Ethereum, together with a large-scale permissionless set of validators.
The ability to have a decentralised access control layer for Web3 is seen as a significant step towards mass adoption, as it eliminates the need for different wallets across different blockchains.
As each blockchain requires a different wallet, tracking and maintaining multiple wallets can be a challenge and a headache for users. The Odsy Network solves this challenge, lowering the barrier to entry for mass adoption.
The Odsy Network also paves the way for Web3 builders to create brand-new solutions, such as natively multi-chain DAOs or a marketplace where wallets could be traded.
The potential for these 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.
The Odsy Network said in a statement shared with AlexaBlockchain that it has one of the best research teams in the world with over 10 world-class experts in modern cryptography, paving the way for the Odsy Network to be the first place where users can generate signed transactions to other blockchains.
Omer Sadika, Co-Founder of Odsy Network, CEO of dWallet Labs, pointed out: “The technical and scientific challenges we are facing are amongst the most complex in crypto today.”
“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,” Omer added.