Fedi, a tech startup, has raised $17 million. With the funds raised, the company aims to make Bitcoin easier to use and comprehend for beginners by using custom and scalable “federations”.
Fedi Raises $17 Million to Accelerate Bitcoin and Lightning Adoption
The goal of the startup is to employ federations to offer customers a simple and secure alternative to traditional Bitcoin wallets. It works because the protocol enables power to be spread across several custodians, making it more difficult for any single institution to run off with the funds.
Fedi, as a company, aims to empower communities everywhere by accelerating the adoption of technologies like Bitcoin and Lightning—and rolling out Fedimint federations to communities and companies worldwide is how we intend to do it,
Fedi CEO and co-founder Obi Nwosu
What is Fedimint Federations?
A cryptography tool for Bitcoin called Fedimint Federations enables users to create communities for custodying Bitcoin and Lightning together. These communities can be made up of friends, neighbors, businesses, or any other loosely-coupled group of individuals.
The main advantages of the the protocol are that it provides an incredibly powerful yet simple way to use Bitcoin without requiring a single point of trust or control, it allows Bitcoin to scale to billions of users, and it enables builders to extend the functionality of the Bitcoin ecosystem more powerfully and easily than current smart contract, DeFi, and Web3 solutions on alternative blockchains,
Nwosu
About the Protocol
Furthermore, the startup asserts to offer greater anonymity than the most well-liked Bitcoin wallets. In order to prevent the custodians from seeing any of these facts, the protocol conceals who is a member of a federation and how much Bitcoin each user possesses.
One of the company’s in-built features will be a wallet, but chat, web browsing, and application execution will also be significant capabilities,
Nwosu
