Fun, a blockchain software development company building applications that leverage dynamic and decentralized wallet (dWallet) technology, announced it “raised $3.9M in a pre-seed funding round led by JAM Fund, and joined by SOMA Capital, NOMO Ventures, and Great Oaks Venture Capital, as well as prominent early-stage technology investor Cory Levy.”
Led by CEO Alex Fine, and Mario Baxter — CTO and former machine learning engineer at Meta — Fun’s team of software engineers and technologists will “use the funds raised to build a suite of products and applications on top of Odsy Network, a secure and programmable decentralized access control layer to all of Web3.”
In this sense, Fun aims “to serve as a ConsenSys-like product studio that leverages the dWallet primitive, powered by the Odsy Network, to develop more dynamic, secure, and expressive wallets and access control applications.”
Fun is “the second VC-backed company dedicated to building applications on the Odsy Network, alongside dWallet Labs, a cybersecurity and blockchain company that recently raised $5M in a pre-seed funding round led by Digital Currency Group and Node Capital.”
As noted in the update, crypto wallets today “are static in nature, as users are restricted to a binary decision with regard to custody and access control.” You can either “take full custody of your private keys and digital assets, or relinquish this control to centralized providers.”
Though centralized custodial services “can offer superior flexibility and convenience, a service providers’ negligence or insolvency can result in a complete loss of user funds — like the $4.7B in customer deposits lost in the wake of Celsius’s collapse.”
Alex Fine, Co-Founder and CEO of Fun. Fine said:
“The current generation of wallets are inflexible, static, and can’t comprehensively service users’ wants and needs. We believe the next 100x in crypto is not going to come from new users, but instead from existing users and developers who will finally have a more usable, dynamic, and secure alternative to Externally Owned Accounts (EOAs) and centralized custodians.”
Alex added:
“It’s become increasingly clear that Odsy Network offers the most compelling infrastructure upon which to solve the wallet usability problem. We’re excited to leverage Odsy Network’s new dWallet primitive to build game-changing wallet and access control solutions.”
To address the current limitations in Web3 custody and access control, the Odsy Network team developed “a new primitive for dynamic and transferrable wallets called dWallets, which allow users to set granular access control policies and interact with dApps across most major blockchain ecosystems in full-featured ways that were previously impossible.”
Projects can “build on and use dWallets to provide programmable access for any other blockchain, and offer users the flexibility of centralized solutions without sacrificing on security or decentralization.”
This opens the door “to new possibilities including granular access sharing, wallet transferability, multi-chain DAOs, and interoperable infrastructure for DeFi applications.”
Alex, Mario, and the rest of the Fun team “are committed to building a suite of products and applications using the dWallet primitive, including product infrastructure that will help builders on top of the Odsy Network to utilize the exciting new possibilities that dWallets and decentralized access control will introduce to Web3.”
As mentioned in the announcement, Fun is “a blockchain software development company building cross-chain wallet infrastructure, working in partnership with the Odsy Network, to empower developers with the foundational components for new wallet APIs and protocols to provide seamless and whimsical experiences for their customers.”
Fun’s infrastructure “helps to eliminate the risks associated with centralized custodians when accessing cross-chain assets and core Web 2.0 functions in Web3.” Through this novel infrastructure, wallet providers can “deliver secure and user-friendly products, in the shared pursuit of furthering economic freedom.”