Fedi, Inc.a US-based developer of community-empowering data and financial technology with Fedimints on Bitcoin, has raised $17 million in Series A funding.
Fedi is set to release a pre-alpha version of its unified operating system aimed at the construction community later this month. Fedi seeks to empower individuals to collaborate through “consortiums” made up of friends, families, neighbors, nonprofits, social clubs, corporations, conferences, and other forms of community to take control of their money, data, and digital lives while protecting user privacy and independence.
The open source Fedimint protocol, on which Fedi is built, makes it easier for developers to create additional applications and modules to complement Fedi’s offerings and give users more choice. “It provides a flexible, privacy-protecting, and simple way for people who do not have access to, or do not trust, centralized alternatives to secure and use their data and funds,” explained a press release sent to Bitcoin Magazine.
The funding 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 the interest in the round allowed them to pick investors who are perfectly aligned with the future they are trying to create with Fedi.
The Fedi community or “second party” custody model provides a secure alternative to third party cryptocurrency exchanges, cloud backup services, and encrypted messaging apps. The underlying technology of the system is ready for rapid expansion and can be adapted to do all the things people currently use their smartphones or computers to do. The system aims to answer the security, privacy, and trust shortcomings of existing alternatives, providing users with similar benefits to self-booking without technical or financial barriers to entry.
“Fedi offers a truly decentralized and federated way to not only hold 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 the chain. “It’s hard to overstate what makes this combination of technologies possible, and while I expect Fedi to be at the forefront, I’m absolutely excited about what people will build around it. It really is something that can bring value and a brighter future to billions of people.”
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