Odsy Network Scores $7.5M In Seed Round Backed By Blockchange Ventures, Rubik, DAOs

Zinger Key Points
  • Seeks to transform Web3 infrastructure with programmable dWallets.
  • Odsy ecosystem: Attracting VC-backed projects and Web3 innovators.

The Odsy Foundation has raised $7.5 million in seed funding, valuing the Odsy Network blockchain ecosystem at $250 million.

Blockchange Ventures led the round, with participation from Rubik Ventures, No Limit Holdings, Node Capital, Insignius Capital, FalconX, SolrDAO, TPC, and other investment decentralized autonomous organizations, or DAOs.

Odsy's goal is to provide a secure, programmable access control layer for all of Web3 through a new crypto primitive called dWallets (dynamic decentralized wallets).

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Blockchange general partner Ken Seiff says managing multiple wallets across various blockchains presents a significant challenge for users. Odsy addresses these challenges and lowers the barrier to entry for mass adoption.

These programmable, transferable signing mechanisms exist on the decentralized Odsy Network and can sign transactions on virtually any other blockchain. By being programmable, dWallets enable Web3 developers to implement any access control logic in a fully decentralized manner.

This innovation allows the recreation of existing solutions like exchanges, custodians, and bridges in a trustless way. Also, it enables the creation of new solutions, such as natively multi-chain DAOs or wallet trading marketplaces.

Though the Odsy Network is still under development, over 10 projects are building within the Odsy ecosystem, including VC-backed dWallet Labs and Fun, the release added.

“The potential of new solutions, ones that demonstrate real-world use cases but cannot be built in today’s fragmented crypto ecosystems, is extremely compelling for ambitious Web3 builders," said Odsy executive director Sean Lee.

Lee, who is also the former CEO of Algorand Foundation, says dWallets are "an entirely new way to imagine how digital assets should be accessed and policy managed in a multi-chain world as the industry explores the emergence of tokenized assets and their corresponding risk and compliance requirements."
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Posted In: CryptocurrencyNewsTop StoriesStartupsMarketsTechcrypto ecosystemDAOsDecentralizationOdsy FoundationOdsy NetworkTokenized assetsWeb3
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