Odsy Network completes $7.5M seed round to decentralize access control in Web3
- The seed round raised the Odsy Network valuation at $250 million.
- The round was led by Blockchange Ventures with participation of VCs, strategic partners, and investment DAOs.
- The Odsy Network provides a secure and programmable access control layer for all of Web3 through dynamic decentralized wallets.
Odsy Foundation, the non-profit organization developing the Odsy Network ecosystem, has successfully completed its seed round raising $7.5 million
The funding round attracted heavyweight VCs led by Blockchange Ventures, strategic partners, and investment DAOs including Rubik Ventures, No Limit Holdings, Node Capital, Insignius Capital, FalconX, SolrDAO, TPC and others.
Need for interconnected decentralized solutions
There has been a lack of infrastructure for decentralized access control driving Web3 developers to create centralized solutions to the increasing centralization of Web3. However, the recent collapse of centralized Web3 giants like FTX and Celsius proved that centralized aces control is an existential threat to Web3.
Odsy Network has identified the gap and it provides a secure and programmable access control layer for all of Web3 through a new crypto primitive – dWallets (dynamic decentralized wallets). The dWallets are programmable and have transferable signing mechanisms meaning they can be used to sign transactions on practically any blockchain.
Since dWallets are programmable, Web3 builders can use the Odsy Network to implement any access control logic in a completely decentralized way. This enables Web3 developers to recreate existing solutions such as exchanges, custodians, bridges etc. in a trustless way. The developers can also create brand-new solutions that were not possible before.
The Executive Director at Odsy Foundation, and former CEO of Algorand Foundation, Sean Lee, commented saying:
“The potential of new 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. dWallets is an entirely new way to imagine how digital assets should be accessed and policy managed in a multi-chain world, which is especially important as the industry explores the emergence of tokenized assets and their corresponding risk & compliance requirements.”
Over 10 projects already building on Odsy Network
While the Odsy Network is still in development, there are already more than 10 projects actively building in its ecosystem.
Many of these projects are VC-backed including dWallet Labs which raised $5M in a round led by Digital Currency Group and Node Capital, and Fun which raised $3.9M in a round led by Tinder Co-Founder Justin Mateen’s JAM Fund.