US-Based Bitcoin Focused Startup Fedi Raises $17 Million in Series A Funding Round
Fedi, the U.S.-based fintech which is led by the Nigerian bitcoin advocate 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 targeted at the builder community, is set to be rolled out later in May.
‘Protecting User Privacy and Autonomy’
The United States-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 that also saw TBD, Kingsway, Trammell Venture Partners, and Timechain taking part. 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 still protecting user privacy and autonomy.”
Obi Nwosu, the 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 excited that with so much interest in this round, we were able to select investors who are fully aligned on 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 attempting to “solve real problems” within their respective community to do so.
Fedi’s Initial Focus
As explained in Fedi’s blog post, the company wants to initially “focus on a few core functions like securely storing and transacting bitcoin.” Protecting user data as well as ensuring safe and secure communications between community members are also areas that Fedi will focus on, the blog post added.
In his remarks following Fedi’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 stating that his company is hoping to unveil details about the Fedi Alpha version which is targeted at the builder community. According to the post, Fedi hopes to roll out this version sometime in May.
Register your email here to get a weekly update on African news sent to your inbox:
What are your thoughts on this story? Let us know what you think in the comments section below.