Novi was a digital wallet project launched by Meta (Facebook) that first intended to support Meta’s digital currency initiative Diem (originally called Libra). Diem eventually fell apart due to many different reasons, not to mention tons of global pushback from policymakers. Novi could have operated without Diem but Meta pulled the plug on the project this past July.
Now, two of the former Novi team have launched their own digital asset custody solution called Derisk, and they are raising growth capital on Wefunder.
According to the offering page, Derisk has already raised its target of $1.2 million. As of today, Derisk has raised $1.017 million in a side-by-side Reg D, Reg CF securities offering.
Derisk is raising capital via a SAFE with a valuation cap of $15 million. The terms are the same for both the Reg CF and Reg D offerings.
Derisk’s pitch is the founders have experience in an enterprise wallet solution, and they are leveraging their time at Novi to build a highly secure wallet using “Multi-Party Computation (MPC) cryptography.”
The founders report that since incorporating just a few months back, they already have several interested parties in a trial, and one customer has committed to paying them $15k/ year for their solution.
The founders believe that existing solutions suffer from a lack of awareness as well as theft – IE, insecure.
Of note, is the fact that $1 million (Reg D) of this funding round came from institutions, including Lombardstreet Ventures, Pioneer Fund, Stonks Fund, Xoogler Fund.
If you are interested in learning more, you can review the offering page here.
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