Fedi, Inc., a US-based company that focuses on community-empowering financial and data technology using Fedimints on Bitcoin, has raised $17 million in a Series A round of funding led by Ego Death Capital. The total funding raised by Fedi now stands at $21.21 million. Fedi’s alpha version of its federated operating system will be launched later this month, aimed at the builder community. The system is based on the open-source Fedimint protocol, making it easy for developers to build additional apps and modules that complement Fedi’s offerings, giving more options to users.
Fedi aims to empower individuals to collaborate through “federations” made up of friends, families, neighbors, nonprofit organizations, social clubs, businesses, conferences, and other forms of community to take control of their money, data, and digital lives while protecting user privacy and autonomy. Fedi’s community or “second-party” custody model offers a secure alternative to third-party cryptocurrency exchanges, cloud backup services, and encrypted messaging apps.
Fedi’s system aims to address the security, privacy, and trust deficiencies of current alternatives, bringing users benefits similar to self-custody without technical or financial barriers to entry. The system’s underlying technology is ready-made for rapid expansion and can be adapted to do virtually all the things people currently use their smartphone or computer to do.
Jeff Booth, co-founder of Ego Death Capital and lead investor for this series, said, “Fedi is offering a truly decentralized and federated way not only to custody bitcoin but to take back control of everything that matters in your digital life. It is truly something that can bring value and a brighter future for billions of people.”
