US-Based Bitcoin-Focused Startup Fedi Raises $17 Million in Series A Funding Round – Africa Bitcoin News
Fedi, the US-based fintech led by Nigerian bitcoin lawyer Obi Nwosu, said on May 3 that it recently raised $17 million in a Series A funding round. The company said it will use the funds to help it launch what it called “the world’s first federated operating system.” Obi Nwosu said the Fedi Alpha version, which is aimed at the builder community, is set to be rolled out later in May.
“Protecting users’ privacy and autonomy”
US-based fintech and bitcoin-focused company Fedi announced on May 3 that it has raised $17 million in a Series A funding round. Ego Death Capital led the round in which TBD, Kingsway, Trammell Venture Partners and Timechain also participated. The latest round brings the total funding raised by Fedi to $21.21 million.
In a statement on its blog, the company said it will use the funds to help realize its goal of launching “the world’s first federated operating system.” According to the statement, Fedi wants the application to allow members of different communities to collaborate and take control of their funds, data and digital lives “while protecting users’ privacy and autonomy.”
Obi Nwosu, founder and CEO of Fedi, is quoted in the statement expressing his satisfaction with the makeup investors that have come on board. He said:
We are pleased that, with so much interest in this round, we were able to select investors who are fully aligned with the future we are trying to create with Fedi, the world’s first federated operating system.
Nwosu, a bitcoin advocate, added that he wants the app to enable not just bitcoiners or tech-savvy individuals, but anyone trying to “solve real problems” in their respective communities.
Fed’s first focus
As explained in Fedi’s blog post, the company initially wants to “focus on a few core functions such as the secure storage and transaction of bitcoin.” Protecting user data as well as ensuring safe and secure communication between community members are also areas that Fedi will focus on, the blog post added.
In his comments following Fed’s announcement, Jeff Booth, co-founder of Ego Death Capital, praised the bitcoin-focused company’s offering, which he said enables users to “take back control of everything that matters in [their] digital life.”
Meanwhile, Nwosu is quoted in the blog as saying that his company hopes to reveal details of the Fedi Alpha version aimed at the developer community. According to the post, Fedi hopes to roll out this version sometime in May.
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