DeFi
Nycrypto Labs Secures $800K to Scale Tidus, the “All-in-One” App Every DeFi User Needs
KEY POINTS
- Tidus is Nycrypto Labs’ flagship product that allows users to perform cross-chain lending, borrowing, and staking transactions
- The wallet has a multi-chain compatibility feature that reduces the potential risk of click fraud
- Tidus combines the essential principles of a crypto project into a single application: accessibility, decentralization and security, said founder Dan Mulligan.
In the emerging Web3 space where cryptocurrency users have various apps or extensions to track their digital assets, blockchain development hub Nycrypto Labs has developed Tidus Wallet, which is “the only multi-chain wallet that allows cross-chain lending, borrowing, and staking without leaving the app.”
Nycrypto Labs announced Tuesday that it has raised $800,000 in pre-seed funding in a funding round led by DNA Fund, with participation from Michael Terpin’s Transform Ventures and other leading angel investors.
Coinciding with the funding milestone is the launch of Nycrypto Labs’ flagship “all-in-one” app, the Tidus Wallet, designed as an intuitive, non-custodial wallet that users can have on both desk and mobile. The wallet is available on both App Store And Play store.
Tidus brings blockchain and decentralized finance (DeFi) to millions of users, especially those who were previously hesitant to jump into Web3 due to perceived security risks and the steep learning curve associated with it.
With Tidus’ multi-chain compatibility, the potential risk of click fraud is reduced, given its features focused on decentralized security and privacy. Users can also find educational resources and native decentralized application (dApp) integrations, making this unique wallet a one-stop shop for every DeFi user’s needs.
Nycrypto Labs’ commitment to providing consumers with ease of use is also demonstrated by the Tidus wallet’s bridging feature. Transferring assets across different blockchain networks typically involves using intermediary protocols or platforms for token conversion. The bridging process also often involves multiple steps, which can potentially introduce security risks, complexity for novice traders, and higher fees.
Since users no longer need to go through the complex processes involved in bridging, the Tidus Wallet provides a more secure and streamlined user experience that not only reduces transaction fees but also allows users to navigate the vast and thriving Web3 landscape with confidence.
“Three fundamental principles are essential for any crypto project: accessibility, decentralization and security,” Nycrypto Labs And Tide Founder Dan Mulligan told the International Business Times in a statement.
“Many platforms focus solely on a single principle, such as accessibility, at the expense of decentralization and security. But without decentralization, security is often compromised. Tidus and TidusDAO seamlessly combine these principles while simultaneously rewarding users for using the product,” he added.
Tidus is set to revolutionize the blockchain landscape with its mobile-first approach that ensures every function – from swapping to staking – can be performed in just a few clicks via an intuitive user interface. As a multi-chain, non-custodial wallet that allows users to have unparalleled control and security over their cryptocurrencies, Tidus is the promising game-changer DeFi users need to eliminate the need to juggle different apps and browser extensions to monitor their digital assets.
The wallet supports a wide range of blockchain networks including Bitcoin, Polygon, Solana, Base, Ethereum, Optimism, TON, Arbitrum, and many more. With all the key features DeFi users need in a single wallet, Tidus proves that it’s possible for one wallet to rule them all.