Fordefi, a company that provides decentralized financial wallets and bitcoin, announced on Wednesday that it is entering the thriving Indonesian market by powering the web3 wallet offered by Pintu, a local cryptocurrency trading platform.This action is a component of Fordefi’s strategy to launch its offering to exchanges, fintech platforms that cater to individual investors, as well as institutional users like Pantera Capital and market maker Keyrock.
With Fordefi’s technology at the backend, Pintu’s 20 million users will be able to self-custody their digital assets and access decentralized applications, all while enjoying security features like risk alerts and transaction simulation. Fordefi’s self-custodial wallet uses multi-party computation (MPC), which distributes a single private key among several parties to remove a single point of failure, in an effort to make cryptocurrency safer. MPC wallets reduce the risk of interacting with DeFi apps and are more difficult to hack.
Institutional investors including Pantera Capital, DeFiance Capital, Keyrock, and Flare Network have been added to the company’s wallet offering. Earlier this year, it also raised $10 million from venture capitalists led by Electric Capital.
“The lack of security and guardrails in place for retail investors has stifled Web3 adoption,” Josh Schwartz, CEO of Fordefi, said in a statement. “With Fordefi, retailers can leverage the same security infrastructure used by the most sophisticated institutions in the market.”