Odsy Network, a layer 1 blockchain, raised $7.5 million to fund development of decentralized crypto wallets.
The funding round valued the firm at $250 million and was led by Blockchange Ventures with the participation of firms including Rubik Ventures, Node Capital and FalconX, according to an emailed announcement on Thursday.
Odsy Foundation, a Zug, Switzerland-based organization working to promote the network's adoption, said its goal is to "decentralize access control in Web3," to mitigate the requirement for users to have multiple wallets to access different networks and applications, thereby removing an obstacle to wider adoption.
"Just as each internet account requires a log-in, each blockchain requires a different wallet – and the tracking and maintenance of different wallets present a significant challenge and headache for users," Blockchange Ventures general partner Ken Seiff said. "This challenge will only grow as the number of blockchain networks multiply."
Odsy's decentralized wallets (dWallets) are designed to provide access to different Web3 protocols and platforms through "transferable signing mechanisms" on the Odsy Network with the ability to sign transactions on "practically any other blockchain."
Among the firms building on Odsy is dWallet Labs, a firm providing blockchain security for other Odsy-based projects, which raised $5 million in August in a round led by Node Capital and CoinDesk parent company Digital Currency Group.
UPDATE (May 11, 13:32 UTC): Adds dropped word Network to story headline.
UPDATE (May 11, 14:05 UTC): Adds Node Capital in final paragraph.
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