09 Dec 2021 · 2 min read

Big Name Crypto Personalities Back Safle In USD 4M Private Funding Round

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Multichain identity wallet and blockchain infrastructure provider Safle is feeling a lot confident today following a USD 4 million private round of funding that involved a host of illustrious names in the crypto space.

The round was led by MapleBlock, GSR, Sanctum and Ghaf Capital Partners. Other participants included the Lithunian politician, professional poker player, basketball coach and businessman Tony G, 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, to name just a few.

Investors including Sanctum Ventures, AU21 Capital, Momentum6, NFT Tech, New Tribe Capital also backed Safle's latest round.

Safle's long list of backers were drawn in by the obvious potential of its unique, non-custodial wallet and self-sovereign identity protocol that's designed to solve two of the major issues that plague the cryptocurrency ecosystem. Those with multiple crypto assets are restricted by the lack of chain agnostic wallets which interoperate with different blockchains, meaning they're forced to juggle multiple digital wallets to store assets on different chains. The other issue is that many of those wallets are custodial, where a third-party controls the private keys. 

Safle intends to solve these issues by combining its non-custodial multichain wallet with a self-sovereign identity protocol and developer-friendly blockchain infrastructure. Having a multichain wallet solves the interoperability problem, while the SafleID protocol ensures users have full control over the assets stored in that wallet under a single username serving as their blockchain identity.

The end goal for Safle is to reduce friction for both crypto users and also developers that want to build decentralized apps that play nicely with its wallet. Its plan calls for a smartphone application where users can access their wallet and SafleID, plus a web application and a browser extension with similar capabilities. Through those apps, users will be able to interact with the cryptocurrency ecosystem far more easily than is possible today. 

The Safle ecosystem is governed through its native $SAFLE token. Holders will be able to vote on proposed changes to Safle's features and functionality. The $SAFLE token will also be used by SafleID and DeFi app developers.

MapleBlock partner Vijay Garg said he believes user-friendliness is key to adoption and that Safle's UI was superior to existing crypto wallets. "We also strongly believe in its vision to create an on-chain identity that spans multiple chains while retaining full custody of their assets at all times," he said of his decision to back Safle.

With its war chest filled to the brim, Safle's next step will be to launch its native $SAFLE token via an Initial DEX Offering on Polkastarter later this month.