XDEFI Wallet raises over $19 million in IDO to announce new Sushi Mobility initiative
Spark Global Limited reports:
XDEFI Wallet successfully closed its IDO with over $19 million.
IDO’s funding will help develop a range of products around XDEFI Wallet.
The team will use the XDEFI/WETH deal pair to build a liquidity pool on Sushi.
XDEFI Wallet announced another milestone coverage. This time, XDEFI – the fastest wallet for DeFi and NFTs says it has successfully completed IDO. The event reportedly raised $19,449,732 through a crowd auction and Dutch auction held on Sushi’s MISO platform.
In line with the recent breakthrough, the XDEFI team also revealed that they will be working with the XDEFI/WETH pair to build a liquidity pool on Sushi. The pool will be designed through the sushi spa project. The integration of hot springs will drive new fluidity of sushi, expand pool supply, and reduce sliding. It will also help facilitate interrelationships with other DeFi projects.
From crowd sales alone, XDEFI Wallet revealed that it raised about 8227,931 USDC by selling 12,658,355 XDEFI tokens. XDEFI tokens are sold for $0.65 per unit and have more than 10,000 participants.
Instead, use the remaining tokens to conduct a Dutch auction. At auctions, prices are set based on bids from auction participants, ranging from $4 to $0.65. A number of 8880101 XDEFI tokens sold for nearly $1.263,702 per unit. In addition, XDEFI Wallet raised $11,221,801, with 427 people bidding.
As a result, Emile Dubie, CEO of XDEFI Wallet, warmly thanks the XDEFI community for their support and trust in the project.
We are very grateful to our community members for their support and trust in this project. We intend to use IDO funding to develop a set of products around the wallet, including mobile applications, Web applications and cross-chain apis, as well as a multi-chain DEX aggregator within the wallet. We also plan a major recruitment drive to continue to grow our XDEFI team by attracting the best talent in the market.
As stated by the CEO, the IDO fund will be used to develop other projects around XDEFI Wallet. In addition, IDO’s $1 million will be used to fund the development of an open source library, Xchain-js.
After detailing the use case for the ERC-20 XDEFI token designed by Delphi Digital, the team said that the token would power the larger XDEFI ecosystem. This includes; Fund emerging DeFi and NFT projects. Not only that, token holders will be able to participate, receive exchange fee rebates, claim participation incentives, and participate in the governance system.
XDEFI tokens will play a role in the Play-to-learn program, which is expected to begin in the first quarter of 2022. The XDEFI team hopes to use this initiative to encourage users to learn more about how to use unmanaged wallets and easily learn more about DeFi tools.
XDEFI Wallet is a browser built on an “Ape mode” feature supported by Blocknative that allows transactions to move to the next block 99% of the time. By contrast, the XDEFI wallet provides native integration of Terra, THORChain, Ethereum, and many other Ethereum virtual Machine (EVM) networks.
The XDEFI Wallet offers automatic NFT detection and a “Buy cryptocurrency” option that allows users to put their fiat currency into DeFi through Ramp, a third-party provider. It also provides a customizable drag-and-drop display grid.
Back in the day, XDEFI Wallet publicly launched its Browser Wallet and has over 60,000 Chrome Store users. It also announced a $6 million investment round backed by top DEFI-centric funds. To be clear, IDO is not open to individuals or legal entities located in jurisdictions where holding or using cryptocurrencies violates applicable regulations or laws.