Browser-based crypto wallet Ambire has succeeded in raising $2.5 million in a funding round led by LAUNCHHub Ventures.
The venture, which offers exposure to defi earning opportunities while optimizing gas fees, welcomed investment from a slew of major private investment firms including Ascensive Assets, Metacartel Ventures and Zee Prime. Danish Chaudhry, the CEO of the bitcoin.com exchange, also came on board as an angel investor.
“This endorsement of Ambire Wallet is incredibly gratifying for our talented development team, who have worked tirelessly on a wallet that brings defi exposure to the masses.” said Ivo Georgiev, CEO of Ambire (formerly AdEx Network).
“The funding will help us refine and market our feature-rich wallet, which we firmly believe the crypto market has been crying out for. The capital will also be used to expand the team, incentivize integrations and provide liquidity for our native token on decentralized exchanges.” “While there are a great many cryptocurrency wallets in the defi landscape, Ambire’s latest product has huge promise, appealing to both newcomers and DeFi veterans,” added Todor Breshkov, founding partner of LAUNCHHub Ventures.
“Having already brought several impactful products to market, the Ambire team has our full faith and confidence.” Created to simplify the common pain points of decentralized finance, and appeal to both novice users and crypto veterans, Ambire Wallet enables users to invest funds in multiple defi protocols with one click, helping them save time and drastically reduce gas fees. Users can bypass KYC by registering with email and password or connecting their existing wallet.
Using a combination of batched transactions, trading optimizations and Flashbots, the intuitive wallet application – which is available on desktop and soon on mobile too – also addresses the problem of stuck transactions. As extra security, it can be used with a hardware wallet and a debit card integration is in the pipeline, allowing users to purchase crypto with fiat.
The DeFi-centric wallet is controlled by the Ambire decentralized autonomous organization (DAO) and its $WALLET token holders, who earn fee revenues generated by the platform. The first governance token for a defi-focused wallet, $WALLET confers voting rights over changes to the proposal and the implementation of new protocols.
Ambire Wallet is part of a comprehensive ecosystem that includes a privacy-preserving advertising platform and staking portal, the latter of which permits users to stake ADX tokens to earn yield.