Nycrypto Labs raises $800,000 to launch Tidus, a crypto everything app

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As a researcher with a background in blockchain technology and experience in the crypto space, I’m excited about the recent announcement from Nycrypto Labs regarding their new multi-chain, non-custodial wallet called Tidus. The ability to offer in-app lending, borrowing, swapping, and staking while mitigating bridging risks is a game-changer for users looking to navigate the Web3 landscape.

This app marks a first by providing a multi-chain, multi-tier, decentralized wallet experience with built-in features for lending, borrowing, exchanging tokens, and staking – all while minimizing the risks associated with asset transfers between different blockchains (bridging risks).

As a researcher studying the blockchain industry, I’m excited to share that Nycrypto Labs, a pioneering organization dedicated to facilitating the transition from Web2 to Web3 through blockchain development, recently announced the successful completion of a $800,000 pre-seed funding round.

This financing milestone occurs in conjunction with the launch of Nycrypto’s flagship product, Tidus Wallet. Functioning as a unique multi-chain wallet, it facilitates lending, borrowing, and staking across various blockchains directly from the application.

The DNA Fund took the lead in financing the recent round, with Transform Ventures, headed by Michael Terpin, and a number of esteemed angel investors also contributing.

Tidus Wallet

The wallet has been designed to mitigate risks that come with the process of moving assets between various blockchain networks, commonly known as bridging. This usually involves employing intermediary protocols or platforms to swap tokens.

Transitioning between cryptocurrencies or other financial instruments involves a series of actions and carries potential risks such as increased costs, complexities, and vulnerabilities to security threats. This process may present significant challenges for novice traders.

As a Wallet Analyst, I’d say that using Tidus Wallet simplifies your transactions by eliminating the need for intermediaries, ensuring a more secure and smoother user experience. By doing so, it significantly cuts down on transaction fees and empowers users to confidently navigate the complex Web3 landscape.

Tidus allows users to connect to various blockchains, minimizing the chance of click fraud. Additionally, it ensures decentralized security and privacy, offers educational materials, and smoothly integrates with native Decentralized Applications (DApps), making it a complete solution for all your Decentralized Finance (DeFi) needs.

This wallet simplifies and broadens access to blockchain and DeFi technologies, enabling millions to interact with Web3 more easily. By tackling the formidable learning curve and perceived security challenges, it invites a larger audience to explore this innovative space. It’s a non-custodial wallet that caters to both desktop and mobile users and is downloadable from the iPhone App Store and Google Play for Android devices.

According to Dan Mulligan, founder of Nycrypto Labs and Tidus, there are three essential rules that every crypto project must adhere to: accessibility, decentralization, and security. Some projects prioritize just one aspect, such as accessibility, at the cost of the other two, but without decentralization, security can be easily undermined. Tidus and TidusDAO manage to harmoniously combine these principles while also incentivizing users for engaging with the product.

As a researcher exploring the dynamic landscape of blockchain technology, I’ve come across Tidus, an innovative solution that empowers me to engage with various networks including Ethereum, Solana, Base, TON, Optimism, Arbitrum, Polygon, and Bitcoin. This versatility makes Tidus an indispensable tool for my research endeavors.

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2024-07-02 17:14