This app will be the first multi-chain, multi-layer, non-custodial wallet that offers in-app lending, borrowing, swapping, and storage while mitigating bridge risk.
Nycrypto Labs, a blockchain development hub that aims to simplify the transition from Web2 to Web3, has just announced that it has successfully secured $800,000 in pre-seed funding.
This funding milestone coincides with the launch of Nycrypto’s flagship product, Tidus Wallet. The wallet acts as a cross-chain wallet, allowing for cross-chain lending, borrowing, and storage within the app.
DNA Fund led the funding round, and was joined by Transform Ventures, led by Michael Terpin, and a group of distinguished angel investors.
Tidos Wallet
The wallet was created to address the risks associated with staking, the process of transferring assets between different blockchain networks. Staking typically involves the use of intermediary protocols or platforms to transfer tokens.
Bridges require multiple steps and can lead to security risks, higher fees, and additional complexity, which can be especially challenging for novice traders.
Tidus Wallet eliminates the need for tethering, providing a more secure and streamlined user experience. This reduces transaction fees and helps users navigate the Web3 world with confidence.
Tidus offers cross-chain compatibility, reducing the risk of click fraud. It also offers decentralized security and privacy, educational resources, and seamless integration with native Dapps, making it a one-stop solution for all your DeFi needs.
The wallet expands access to blockchain and DeFi, making it easier for millions to interact with Web3 while addressing the steep learning curve and perceived security risks. It is a non-custodial wallet available for both desktop and mobile, and is available in the iPhone and Android stores.
“Three core principles are essential to any crypto project: accessibility, decentralization, and security,” said Dan Mulligan, founder of Nycrypto Labs and Tidus. “Too many platforms focus on just one principle, such as accessibility, at the expense of decentralization and security — and without decentralization, security is often compromised. Tidus and TiduDAO seamlessly blend these principles while simultaneously rewarding users for using the product.”
Tidus supports networks such as Ethereum, Solana, Base, TON, Optimism, Arbitrum, Polygon, and Bitcoin, making it a versatile tool suitable for users.