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MPC crypto wallet provider Fordefi expands into Indonesia with Pintu Web3 wallet
Cryptocurrency and decentralized financial wallet provider Fordefi said on Wednesday it is expanding into the booming Indonesian market by boosting its local cryptocurrency trading platform Pintu’s web3 wallet offer.
The move is part of Fordefi’s plan present its offering, used primarily by institutional participants such as Pantera Capital and market maker Keyrock, to exchanges, fintech platforms that serve retail investors.
Pintu’s 20 million users will be able to self-custody their digital assets and access decentralized applications with Fordefi technology in the backend, while benefiting from security features such as transaction simulation and risk alerts.
Fordefi aims to make cryptocurrencies more secure with its self-custodial wallet with multi-party computation (MPC) that divides a single private key between multiple parties, eliminating a single point of failure. MPC wallets are harder to hack and make interacting with DeFi apps less risky.
The company has integrated institutional investors such as Pantera Capital, DeFiance Capital, Keyrock and Flare Network into its portfolio offerings. It also raised $10 million earlier this year from venture capital investors led by Electric Capital.
“Lack of security and barriers for retail investors have stifled Web3 adoption,” Josh Schwartz, CEO of Fordefi, said in a statement. “With Fordefi, retailers can leverage the same security infrastructure used by the most sophisticated institutions in the market.”