Dfns raises $13.5M for Password Protection in Crypto Wallets

Dfns, a crypto wallet startup, raised $13.5million in seed capital to expand its offering. It secures digital assets for banks and fintech companies by protecting their passwords to crypto wallets.

White Star Capital was the lead investor. The round also included other investors like Hashed, Susquehanna, and venture arms of Coinbase and ABN AMRO.
Dfns aims to help companies secure digital assets by sharding crypto wallet passwords, known as private keys, and distributing the pieces across a peer-to-peer network. Dfns announced Wednesday that the password to the crypto-wallet’s wallet is no longer in its entirety.
One of the main obstacles to institutional adoption remains the perception of crypto’s lack of security. Just last month the Ronin network suffered a $625 million exploit, one of the largest on record, with hacked private keys used to fake withdrawals.
Dfns, based in Paris, intends to use the funding to deploy its keyless wallets across all decentralized finance (DeFi) applications and expand its team.
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