With participation from Paxos and Alchemy, Electric Capital led the round, increasing the company's total initial funding to $28 million.

Fordefi has developed an institutional multi-party computation (MPC) wallet with self-custody, safeguarding over $3 billion in on-chain transaction volume and gaining a number of top clients in the sector.

With the launch of the new wallet-as-a-service (WaaS) product, web3 companies, fintechs, and exchanges can now provide their clients with user-owned wallets right within their apps.

"Fordefi changes the game for safe institutional access to DeFi and crypto by providing novel tools around MPC, user policies, and transaction simulation," says Curtis Spencer, general partner at Electric Capital.

"With their new Wallet-as-a-Service offering, any business that wants to provide its customers with the best possible combination of security and user experience to get on-chain can now take advantage of their industry-leading technology."