Giddy closes $6.9M funding round, integrates with Robinhood Connect

With fresh capital in hand, Giddy plans to use the funding to expand its team, develop new features, and simplify access to decentralized finance (DeFi). The company is also exploring opportunities to integrate with other blockchain projects to enable seamless interoperability and further increase the utility of its self-custody smart wallet.

Giddy also offers a range of advanced security features to ensure the safety of its users’ digital assets. These include multi-signature functionality, which requires multiple signatures to approve a transaction, as well as a recovery phrase that allows users to restore their wallet in the event of loss or theft.

The platform has received praise for its user-friendly interface and advanced security features, and already attracted a growing community of users and partners.

The recent growth round for the startup was led by Fortnite co-creator Geremy Mustard who took part as a strategic investor. It was also bankrolled by Pelion Venture Partners, Peak Capital Partners, Clarke Capital and other partners focused on building Web3.

This latest financing brings Giddy’s total amount raised to over $15 million, following a previous seed round led by Pelion, which raised more than $8 million in 2022.

As the strategic fundraising is over, the endorsement from established and thorough crypto venture capitalists is a massive boost for Giddy and the sphere at large. The vendor continues to benefit from a push towards self-custody following the FTX fallout as crypto holders have been reacting by withdrawing their assets from exchanges to private wallets.

The collapse of several high-profile crypto businesses highlighted the risks of relying on centralized custodians after billions of dollars of investors’ cash went up in smoke.

With its innovative approach and strong backing, Giddy is well-positioned to become a leader in this space and drive the next wave of innovation in digital asset management. The wallet provides advanced security features, such as multi-factor authentication and biometric verification, to ensure that users’ assets remain safe and secure.

Eric Parker, CEO of Giddy said, “From day one, our mission has been to provide fast, safe, and easy access to DeFi for everyone, regardless of their technical skill. We believe blockchain technology will play a major role in democratizing access to wealth-building and economic freedom for everyone. We’re thrilled to be leading the effort in making this accessible for the mainstream, and are grateful to our investors and supporters in helping us bring this vision to life.”

Giddy’s most recent milestone was its integration with Robinhood Connect, a new feature that makes it easier for the popular no-fee app’s users to engage with DeFi protocols and self-custody wallets. Giddy CEO Eric Parker told Fortune that Robinhood Connect provides “an easy way to buy and transfer crypto.”

The new feature, which Web3 developers are able to embed in their apps, gives users the flexibility to access funds in their Robinhood wallets directly from DeFi applications.

Giddy’s recoverable self-custody smart wallet technology is based on Multi-Party Computation (MPC), which is a cryptographic technique that enables the splitting and encryption of a private key into multiple shares that can be distributed across multiple locations.

This provides an extra layer of security and allows for easy recovery in case of lost or compromised shares. Users can recover their wallets by accessing a secure portal, following a few simple steps, and using their remaining shares to generate a new private key.

Giddy is also designed to be interoperable with other decentralized applications (DApps) and services. This enables users to easily integrate Giddy with other DApps to perform a wide range of functions.