Blockchain
Nycrypto Labs Raises $800K to Launch Tidus, an App for All Things Crypto
This app will be the first multi-chain, multi-tier, non-custodial wallet to offer in-app lending, swapping, and staking, while reducing bridging risks.
Nycrypto Labs, a blockchain development hub that aims to simplify the transition from Web2 to Web3, has just announced that it has successfully raised $800,000 in pre-seed funding.
This funding result coincides with the debut of Nycrypto’s flagship product, Tidus Wallet. This wallet acts as a unique multi-chain wallet, allowing for lending, borrowing and staking out within the app.
DNA Fund led the funding round, together with Transform Ventures, led by Michael Terpinoand a group of illustrious informal investors.
Tidus Wallet
The wallet was created to address the risks associated with bridging, which is the process of transferring assets between different blockchain networks. Bridging typically involves using intermediary protocols or platforms to convert tokens.
Bridging requires multiple steps and can introduce security riskshigher commissions and increased complexity, which can be a particularly challenging task for novice traders.
Tidus Wallet eliminates the need for bridging, providing a more secure and streamlined user experience. This reduces transaction fees and helps users navigate the Web3 landscape with confidence.
Tidus offers multi-chain compatibility, reducing the risk of click fraud. It also provides decentralized security and privacy, educational resources, and seamless integration with native Dapps, making it a one-stop solution for all DeFi requirements.
The wallet expands blockchain and DeFi accessibility, making it easier for millions of people 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 fundamental principles are vital to any crypto project: accessibility, decentralization, and security,” said Dan Mulligan, founder of Nycrypto Labs and Tidus. “Many platforms focus on just one principle, like accessibility, at the expense of decentralization and security, and without decentralization, security is often compromised. Tidus and TidusDAO merge these principles flawlessly, while also 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 all users.