TechFlow news, crypto wallet startup Giddy has raised $6.9 million in new funding, bringing its total investment to over $15 million to date.
The company said in a press release that investors in this round include Pelion Venture Partners, Peak Capital Partners, and Clarke Capital, along with a strategic investment from Geremy Mustard, co-founder of Fortnite. Pelion led Giddy's $8 million funding round in 2022.
Recently, Block (SQ), the payments company led by Twitter co-founder Jack Dorsey, stated that the future of cryptocurrency lies in self-custody and is working on developing a new digital wallet enabling customers to hold their own bitcoin.
The company said that in Giddy's self-custody wallet, the private keys granting access to user funds are split into shares, which are encrypted and stored across multiple locations controlled by the user. This ensures the security of users' private keys, as recovery requires multiple shares, protecting against loss or exposure of any single share.
