FORDEFI Competitive Intelligence & Landscape

Founded in 2021 by crypto custody and cybersecurity experts, FORDEFI (fordefi.com) is a financial technology company dedicated to enabling institutions to power secure on-chain operations at scale [fordefi.com/careers]. Headquartered at 575 Fifth Ave, 16th Floor, New York, NY 10017, USA, FORDEFI has teams in New York, Tel-Aviv, and operates remotely [fordefi.com/terms-and-conditions, fordefi.com/careers]. Its mission is to help teams build and operate their secure on-chain finance strategy with self-custody, clarity, and controls, providing the tools to connect, understand, and approve transactions that meet an organization's policies [fordefi.com/company].

FORDEFI offers a comprehensive MPC wallet platform and Web3 gateway designed for builders, traders, and operators [fordefi.com]. This platform allows users to securely self-custody private keys, seamlessly connect to thousands of dApps across various blockchains, and manage digital asset operations through granular policies [fordefi.com]. Key products and services include Wallet as a Service (WaaS), enabling exchanges, fintechs, and Web3 businesses to offer secure wallet solutions to their users, and a robust Wallet API for scalable DeFi operations, secure private-key management, and full transaction lifecycle support [blog.fordefi.com/fordefi-secures-10m-and-launches-wallet-as-a-service-following-strong-institutional-growth-and-web3-adoption, fordefi.com/developers].

The company’s target market primarily includes institutional clients such as trading firms, asset managers, and developers [fordefi.com].

FORDEFI helps these institutions securely hold digital assets and transact across decentralized finance, supporting activities like trading operations, treasury management, and tokenization [fordefi.com/careers, fordefi.com]. The platform also emphasizes features like DeFi Connectivity, Transaction Clarity, and a Policy Engine to enhance security and operational efficiency [fordefi.com].

FORDEFI has successfully raised $28 million in funding from industry-leading VCs, including a recent $10 million seed-extension round led by Electric Capital with participation from Paxos and Alchemy [blog.fordefi.com/fordefi-secures-10m-and-launches-wallet-as-a-service-following-strong-institutional-growth-and-web3-adoption]. With nearly 300 institutional clients, the company is quickly expanding and continuously innovating, as evidenced by new releases such as the ability to hold PYUSD and USDG for Fordefi Rewards, and strategic partnerships with companies like Chainalysis for AML compliance and Integral for streamlining digital asset operations [fordefi.com/careers, blog.fordefi.com/fordefi-and-chainalysis-partner-to-bring-aml-compliance-to-institutional-digital-asset-operations, blog.fordefi.com/fordefi-x-integral-streamlining-digital-asset-operations].

FORDEFI (fordefi.com) offers an institutional MPC wallet platform and Web3 gateway designed for builders, traders, and operators to securely self-custody private keys, connect to dApps, and manage digital asset operations [https://fordefi.com/]. While specific granular pricing plans and tiers are not publicly listed, the company provides a "Fordefi Rewards" program, a recent pricing change that allows users to earn credits towards their monthly FORDEFI subscription by holding PYUSD and USDG in their wallets [https://fordefi.com/fordefi-rewards]. The more these supported stablecoins are held, the more a customer can save on their subscription costs [https://fordefi.com/fordefi-rewards]. This indicates a pricing structure that incorporates customer asset holdings as a factor for potential discounts.

FORDEFI emphasizes its Wallet-as-a-Service (WaaS) offering, which provides an SDK and a suite of wallet APIs for businesses to integrate institutional-grade, non-custodial MPC wallets into their own applications [https://www.fordefi.com/wallet-as-a-service]. This allows for seamless onboarding and tailored user experiences, supporting use cases such as adding multi-chain Web3/DeFi wallets to existing custodial apps, creating non-custodial crypto payment wallets for fintechs, and embedding wallets in dApps to simplify user onboarding [https://docs.fordefi.com/waas/welcome]. The WaaS provides the foundational tools for companies to build secure and user-friendly non-custodial wallets for their end-users [https://docs.fordefi.com/waas/welcome].

Beyond WaaS, FORDEFI's platform includes a range of features for managing digital assets, such as multi-chain DApp connectivity through a browser extension, and a policy engine for enforcing granular transaction policies [https://docs.fordefi.com/user-guide/welcome/products-and-services]. For interaction, users can leverage the FORDEFI web console, a browser extension, and a mobile app, or programmatically through a REST API [https://docs.fordefi.com/user-guide/welcome/product-interfaces]. While the specific pricing for these various services is not publicly detailed, the company encourages prospective clients to "Talk to Sales" for more information, suggesting a customized pricing model based on institutional needs and transaction volumes [https://fordefi.com/fordefi-rewards].

FORDEFI is actively expanding its team, signaling a strategic focus on growth and market penetration, particularly following its acquisition by Paxos. The company, founded in 2021 by crypto custody and cybersecurity experts, has raised $18M from leading VCs and maintains teams in New York, Tel-Aviv, and remote locations, indicating a global and distributed workforce strategy [fordefi.com/careers]. There is no information available to suggest any layoffs at FORDEFI; instead, the company appears to be in a hiring phase.

The recent job openings at FORDEFI highlight key areas of investment, including engineering and sales. Current opportunities include roles such as Backend Security Engineer in Tel Aviv, Sales Executive for EMEA and APAC regions, Senior Infrastructure Engineer, Senior Automation Infrastructure Engineer, and Technical Product Manager [fordefi.com/careers/backend-security-engineer]. These positions emphasize the company's commitment to enhancing its core product – an institutional-grade MPC wallet platform for DeFi – and expanding its reach to institutional clients globally.

The prevalence of engineering roles, especially those focused on backend and infrastructure security, underscores FORDEFI's dedication to maintaining and advancing its MPC wallet technology and transaction infrastructure. The emphasis on security is a cornerstone of their offering, as they cater to nearly 300 institutional clients deploying capital across various blockchains [www.fordefi.com/careers/technical-product-manager]. These hiring patterns align with their mission to provide a secure and robust platform at the intersection of security and blockchain technology.

Simultaneously, the demand for Sales Executives in both EMEA and APAC regions indicates a clear strategy to broaden FORDEFI's customer base and increase market adoption of its institutional DeFi wallet platform. This sales expansion, alongside the technical hires, suggests a well-rounded growth strategy aimed at both product development and aggressive market expansion. Interested candidates can send their CVs to jobs@fordefi.com [fordefi.com/company].

Fordefi, a financial technology company specializing in institutional MPC wallets and Web3 gateways, has demonstrated strong financial health and fundraising success. The company announced a $10 million seed-extension round in February 2024, led by Electric Capital with new participation from Paxos and Alchemy. This latest round brought their total funding to $28 million [blog.fordefi.com/fordefi-secures-10m-and-launches-wallet-as-a-service-following-strong-institutional-growth-and-web3-adoption].

Fordefi powers over 300 institutions, including trading firms and asset managers, and its enterprise-grade platform handles millions in daily transaction volume with a guaranteed uptime of 99.9% [fordefi.com]. While specific revenue figures are not publicly disclosed, their significant transaction volume and expansion into offerings like Wallet-as-a-Service (WaaS) suggest a growing financial footprint within the DeFi sector [blog.fordefi.com/fordefi-secures-10m-and-launches-wallet-as-a-service-following-strong-institutional-growth-and-web3-adoption].

Regarding M&A activity, Fordefi is identified as a Paxos company [fordefi.com/company], indicating a strategic acquisition or close affiliation with the well-capitalized custodial platform. This relationship allows Fordefi to offer institutions flexible custodial solutions, from regulated to end-user custody, all on one platform [fordefi.com/company]. The company's focus on institutional growth and Web3 adoption, alongside its strategic partnerships and significant funding, positions it as a key player in the digital asset management space.

FORDEFI actively participates in various events, including conferences, to engage with potential clients and partners in the digital asset space. The company uses dedicated forms for lead collection at these conferences, indicating their presence and proactive outreach efforts [https://web.fordefi.com/book-a-demo-conferences]. This strategic approach allows them to connect with professionals and gather important information for follow-ups, demonstrating their commitment to business development through direct engagement.

In addition to conference participation, FORDEFI offers multiple ways for interested parties to learn more about its platform. This includes scheduling calls with their team of experts and experiencing live demonstrations of their MPC wallet platform [https://fordefi.com/book-a-demo]. These interactive sessions serve as a form of event, allowing FORDEFI to showcase its solutions and highlight how they can optimize digital asset operations for various businesses.

FORDEFI also leverages its blog to announce significant product launches and partnerships, which can be seen as virtual events for their community and the broader industry. For instance, they announced the launch of the first institutional MPC wallet and security platform for DeFi, and collaborations with companies like Chainalysis and Hexagate [https://blog.fordefi.com/fordefi-launches-first-institutional-defi-wallet-security-platform]. These announcements contribute to their event participation by generating buzz and informing their audience about key developments and offerings.

Furthermore, FORDEFI consistently updates its audience through newsletters, which serve as an ongoing communication channel for the latest data collection news and company insights [https://www.fordefi.com/]. They encourage users to join these newsletters, effectively creating a recurring virtual event where subscribers receive updates on new releases, blog articles, and other company news, ensuring continuous engagement with their user base and the market.