On Thursday, the prominent financial and data company Fedi yielded $17 million in a series A funding round. The Fedi team announced that the funds would be utilized to increase Bitcoin adoption.
The tech company plans to improve the usability and accessibility of Bitcoin globally. A subsequent statement from Fedi chief executive Obi Nwosu revealed that the tech company plans to support the community by increasing the adoption of emerging technologies, including Bitcoin and Lightning innovations.
Importance of Fedi Series A Funding
Nwosu added that the company plans to utilize its Fedimint Federation to uphold the community’s well-being and support business growth. Initially, the Fedimint Federation was developed to provide innovative community custodial service through the cryptography of the Bitcoin network.
He argued that Fedi plans to provide users with the most effective method to use Bitcoin. Unlike the traditional Bitcoin wallet, Nwosu stated that the new platform would offer users a secure platform.
Nevertheless, he announced that the Fedimint protocol would task multiple custodians with roles to manage the funds. Nwosu admitted that the approach implemented on the Fedimint platform allows the division of power to numerous custodians to prevent a scenario where a single business experiences insufficient funds.
In light of the May 4 announcement, Bitcoin exhibited enormous capabilities in supporting users to manage their digital assets. The Fedi team labelled Bitcoin as digital cash due to its endless benefits.
Advantage of Bitcoin Wallets
After analyzing the benefits of Bitcoin Fedi team mentioned that their crypto custodial services outperformed the roles executed by intermediaries in managing and controlling the users’ assets. The announcement revealed that the Fedi custody platform minimized the intermediary’s activities in fund management.
The Fedi team noted that despite the benefits of Bitcoin, most customers prefer saving their assets on exchanges or digital custodial wallets due to the complexity of self-custodial platforms. They added that the implementation of self-custodial services requires ample time for the user to learn the basics.
Furthermore, the Fedi team highlighted the main advantages of the Fedimint protocol, including its usability. In the latter, they stated that the Fedimint Protocol provides the user the easiest way to use Bitcoin without a central control point.
The exclusive feature of the Fedimint platform would enable the developers to improve the performance of the Bitcoin ecosystem and compete with the decentralized finance (DeFi) platform, Web3, among others.
Fedi Reveals Next Move
Reflecting on Nwosu’s address, the Fedi platform upholds user privacy compared to the Bitcoin wallet’s security functionality. Nwosu observed that through the Fedimint Federation, the system could identify Fedi registered users and evaluate the amount of Bitcoin the customers holds on the platform.
He opined that the privacy protocol adopted by the Fedi platform dubbed the eCash technology, prevents the custodians from accessing users’ confidential data. In the coming day, Nwosu expects Fedi to launch a federated operating system (FOS) that will outshine Bitcoin and other digital assets.
Notably, the FOS will provide users with a platform to empower each other through unique federations. Also, the proposed FOS platform will give users maximum control of their assets and data. The FOS fetaure will allow the users to select their preferred federations for managing their assets.
Beyond this, the tech company plans to launch Fedi Alpha Version for developers this month. The new product will provide users with web browsing, application execution, and messaging features.
The Fedi team affirmed to continue supporting the adoption of Bitcoin through its Fedimint protocol powered by the Bitcoin Lightning Network (BLN). Besides the Fedimint platform, the tech company launched the Bitcoin mobile application in 2022 to increase the mass adoption of cryptos. Also, the Fedi mobile application aimed at improving Bitcoin’s security and privacy.
