Giddy is a crypto firm with a native mobile application that offers a self-custody smart wallet for easy access to decentralized finance opportunities. This feature is meant to enable users earn a passive income on the blockchain. Through the limitless power of DeFi(Decentralized Finance), the firm is on a mission to provide financial freedom to more people. By connecting crypto holders to DeFi earning opportunities, the firm aims to enable crypto holders to move their assets out of crypto exchanges into self-custody smart wallets that earn the crypto holders some income. The smart self-custody wallets can support several transactions including the ability to buy, send, receive and earn from a single wallet.
In a recent funding round, the firm has raised $6.9 million bringing the total investment up to date to $15 million. The funding round saw participation from venture capitals and corporates including Pelion Venture Partners, Peak Capital and Clarke Capital among others. Geremy Mustard, the co-creator of Fortnite, also made a strategic investment in this round. The proceeds of this financing round will be utilized to further Giddy’s mission in bringing easy crypto DeFi adoption to the masses through its revolutionary and recoverable self-custody smart wallet technology.
In recent days, self-custody wallets have been on the push as several crypto firms are noticing the sector and directing resources to develop their own versions of the smart wallet. This is probably because of what has befallen centralized platforms like FTX. Self-custody enables crypto holders to complete control over their assets and any access by firms is done so with exclusive permission from the crypto holder. Serious concerns have been raised over third party entities being able to hold tokens on behalf of other holders, a move that leaves the crypto holder at the firm’s mercies. This has proven catastrophic since some firms have in the past used deposited assets as collateral to borrow more loans or as proof of liquidity, leading the firms to fail violently in the recent cash crunch. Some crypto holders have not been able to withdraw their assets as some of their assets were seized by loan facilities to pay for the defaulted loans.
The self-custody scheme allows users to keep their own private key that they can use to access their digital tokens and transact from anywhere as long as they have access to stable internet connection. Utilizing Giddy’s infrastructure, the private key can be split, encrypted and stored in multiple locations that can only be accessed and controlled by the holder. If one store is lost, the users assets cannot be compromised as the full key is required to access the tokens. The recovery process is also safe as other private key portions are required to access the recovery facility therefore, safeguarding the users assets in multiple fronts or as some say, the Swiss Cheese Model.
