July 19th, 2022
Fedi raises US$4.2 million in Seed financing
The raising will enable Fedi to develop the Fedi mobile app powered by the Fedimint, a unique community custody protocol, to bring Bitcoin to billions.
[LISBON], July 19, 2022 – Fedi Inc, the company developing the Fedi app, today announced the close of a $4.2mm seed fundraising. The investment was led by Kingsway Capital, ego death capital, and Ten31 and also includes Trammell Venture Partners, Hivemind VC, Time Chain, Recursive Capital, and Steve Lee.
Fedi was founded in 2022 by Obi Nwosu, Eric Sirion (elsirion) and Justin Moon. The company is developing Fedi, an app built to work with the Fedimint protocol, a form of community Bitcoin custody that is designed to operate at global scale enabling billions of people to receive, hold and spend Bitcoin. The technology solves three of the biggest challenges to Bitcoin adoption today - custody, privacy and scalability.
The Fedimint protocol utilizes federations, a multi-signature wallet technology, run collectively by groups of trusted community members called “guardians” for and on behalf of their own communities. The federations achieve privacy through the use of Chaumian e-cash and are closely integrated with the Lightning Network. The Fedi app provides users with an ultra simple interface to a Fedimint federation.
Prior to the formation of Fedi, Fedimint has and continues to undergo independent development as an open source protocol project, receiving grant funding and sponsorship from Blockstream, Ten31, the Human Rights Foundation, Spiral and more. The formation of the commercial company will allow the founders to help accelerate development of the open source Fedimint protocol, roll out the Fedi mobile app starting in Q1 2023, and promote their vision to bring Bitcoin to the next billion users.
"Fedimint is a federated custody protocol that complements the Bitcoin monetary protocol and Lightning payments protocol to provide a complete solution to holding, using, and securing Bitcoin at global scale" says Obi Nwosu, Co-founder and CEO of Fedi Inc.
“In conversation with human rights activists during the Oslo Freedom Forum, it became clear that many of the challenges facing the populations they are defending have a financial root.” Obi added, “Prevented from accessing the global financial system, people are locked into using their regime’s currency - often with two, three, or even five figure inflation - making it impossible to save, plan, or escape their monetary shackles. The Fedi app and Fedimint are uniquely placed to help which is why we will put special focus on deploying into these communities”.
To bring the Fedimint technology to those who need it most, Fedi will partner with a group of NGOs, charities, high profile activists and human rights defenders to research, roll out, and coordinate large scale Fedimint community deployments across the Global South and post-Soviet Europe.
Obi concluded, “Fedi and Fedimint will help put monetary power back into the hands of everyone, everywhere. This creates brighter futures for billions and especially for those struggling under oppressive regimes, which ultimately makes the world a better place”.
Fedi will begin rolling out in Q1, 2023.
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ADDITIONAL INFORMATION / RELATED LINKS
Fedi website: https://fedi.xyz
Fedimint protocol website: https://fedimint.org
Bitcoin Miami 2022 talk on Federated Chaumian E-cash: https://youtu.be/OwJL0J_nPDE?t=14330
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Fedi Inc is a technology company building the Fedi mobile app, powered by the Fedimint protocol, and designed to support billions of humans using Bitcoin securely, privately, and scalably.
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MEDIA CONTACT INFORMATION
Co-founder and CEO
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