The company, now having raised $21.21 million, aims to pre-launch the alpha version of its federated operating system later in May.
Fedi is set to pre-launch an alpha version of its federated operating system aimed at the builder community later this month. Fedi seeks to empower individuals to collaborate through “federations” made up of friends, families, neighbors, nonprofit organizations, social clubs, businesses, conferences and other forms of community to take control of their money, data and digital lives while protecting user privacy and autonomy.
The open-source Fedimint protocol, on which Fedi is built, makes it easy for developers to build additional apps and modules to complement Fedi’s offerings and give more options to users. “It provides a resilient, privacy-protecting, and simple way for people who don’t have access to or don’t trust centralized alternatives to secure and use their data and money,” a press release sent to Bitcoin Magazine explained.
The financing round was led by Ego Death Capital, with participation from Block, Kingsway, Trammell Venture Partners and Timechain, among others. This funding brings Fedi’s total funding to $21.21 million. Fedi CEO Obi Nwosu said that the interest in the round allowed them to select investors that are fully aligned with the future they are trying to create with Fedi.
Fedi’s community or “second-party” custody model offers a secure alternative to third-party cryptocurrency exchanges, cloud backup services and encrypted messaging apps. The system’s underlying technology is readymade for rapid expansion and can be adapted to do virtually all the things people currently use their smartphone or computer to do. The system aims to answer the security, privacy and trust deficiencies of current alternatives, bringing users benefits similar to self-custody without technical or financial barriers to entry.
“Fedi is offering a truly decentralized and federated way not only to custody bitcoin but to take back control of everything that matters in your digital life,” said Jeff Booth, co-founder of Ego Death Capital and lead investor for this series. “It’s hard to overstate what this combination of technologies makes possible, and while I expect Fedi to be at the forefront, I’m just as excited by what people are going to build around it. It is truly something that can bring value and a brighter future for billions of people,” he added.