XDEFI Wallet Looks to Raise $12M in Initial DEX Offering

Cross-chain wallet XDEFI is looking to raise $12 million by selling its new utility token, $XDEFI, on a decentralized exchange (DEX), a spokesperson told CoinDesk.

The token, which conforms to ERC-20, will be used to fund decentralized finance (DeFi) and non-fungible token (NFT) projects, XDEFI Wallet said Tuesday.
The sale, known as as an initial DEX offering (IDO), will take place in early November on MISO, the platform built for offering new tokens on the SushiSwap DeFi protocol.
XDEFI released its cross-chain wallet, which enables users to store, send and receive all their digital assets from a single place, earlier this month after raising $6 million in September. The wallet offers access to chains such as THORChain and Terra so users can move between protocols easily.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.