The non-custodial wallet developer Safle is well on its way to putting digital identities back into the hands of users after closing on a $4 million private funding round today.
MapleBlock, GSR, Sanctum and Ghaf Capital Partners were all involved in today’s round, which saw participation from a host of individual backers too, including Frontier Wallet founder and CEO Ravindra Kumar, Purefi co-founder and BPO Sasha Antropov, Jun Capital partner Alex Man, Innov8 founder Ritesh Malik and MahaDAO founder Steven Enamakel and the Lithuanian professional poker player, politician and businessman Tony G.
Support is pouring into Safle as a result of its decentralized identity model, which aims to give crypto users full control over both their digital identities and their data.
At present, the crypto community has very few options in terms of non-custodial wallets. And even the ones that do exist tend to fall short in other areas, the most obvious problem being that they’re restricted to a specific blockchain network, which means it’s difficult to transfer assets to other chains. Security issues are another concern, with worries around exposed dApps.
Safle is based on a web3 infrastructure that supports dApp development and integration with multiple chains. It leverages native features including SafleID, SafleVault, Saflekeyless and SafleNode, enabling a system where users can their own digital identity and enjoy a seamless, frictionless experience when it comes to managing their crypto assets and building decentralized finance applications. It’s envisaged that through the Safle wallet, users will be able to manage crypto, access dApps, store NFTs and make payments all in one place.
Safle’s ecosystem revolves around its native $SAFLE token, which is both a utility and a governance coin that allows holders to vote on which features they want to see developed. Users can also stake $SAFLE tokens on smart contracts to validate transactions and earn rewards as an incentive.
Dunstan Teo of Sanctum Ventures said his firm is vested and actively adding projects that facilitate innovation, sustainability and simplified access to the NFT and GameFi ecosystems.
“Safle’s vision and tech solutions can prove to be game-changing in this segment,” he added.
Simplified access comes through Safle’s clean, user-friendly UI that offers functions based on easy-to-use, logical tabs. It helps make it possible for users to trade anywhere, at any time, while retaining full custody and control of their funds.
Today’s funding comes ahead of the $SAFLE token’s Initial DEX Offering on Polkadot, scheduled to take place next week.