The Robinhood of DeFi? THORWallet Raises Over $4M for Development of Its Retail-Ready DeFi Wallet

| Updated
by Andy Watson · 3 min read
The Robinhood of DeFi? THORWallet Raises Over $4M for Development of Its Retail-Ready DeFi Wallet
Photo: THORWallet

THORWallet plans to become a driving force in the rapidly growing THORchain ecosystem with a multichain DeFi wallet solution.

This year has been huge for decentralized finance, the near-limitless potential applications of blockchain and DeFi are being discovered every day, with innovation continuing to expand in all directions. With over $96 billion currently locked in decentralized finance protocols, growth in the industry is not set to slow down anytime soon.

Ultimately, global adoption of DeFi products and services is the end goal. But along with developing financially inclusive products that cut out middlemen and reduce user costs, talented project teams must also offer a frictionless and easily accessible experience if they want to onboard the next 10 million users in 2022 and beyond.

THORWallet looks to provide a comprehensive DeFi product for both power-users and those new to the world of decentralized finance, with a feature-packed non-custodial wallet, multi-chain native token swapping, synthetic asset trading and the ability to invest in multi-chain savings accounts are just some of the functionalities on offer, with a non-custodial design meaning that users are always in control of their funds.

A Central Pillar Supporting Growth of the THORchain Ecosystem

Having raised over $3.4 million during private rounds led by prominent investors and funds including THORchain, Fomocraft, Nine Realms and 0x Ventures the THORWallet team also raised $500k during the ThorWallet IDO on November 15th, 2021, which sold out in under 2 minutes. There will be a second IDO taking place on the Sushi MISO platform on December 20th, which will see a further 10 million TGT tokens sold to the public in a Dutch Auction at a starting price of $1.5/TGT. TGT tokens serve several roles including governance and node operation, also providing benefits for holders such as free trading and the ability to set limit orders.

THORWallet looks to support and accelerate the ecosystem growth of THORchain, a layer 1 blockchain protocol that was founded during a Binance hackathon in 2018 and has seen exponential growth in recent months. With ample funding and a rich development roadmap, the ThorWallet team looks to provide a leading wallet solution in the DeFi industry, offering a native mobile product that gives an improved user experience past those offered on browser-based competing platforms. THORWallet joins nearly 40 other innovative projects and network tools building within THORchain’s layer 1 protocol, which was developed with the Cosmos SDK.

Leading the Charge into DeFi 2.0

THORWallet looks to set the precedent for what DeFi products need to offer during an age of rapidly evolving technology. Enabling anyone to easily swap native coins such as Bitcoin or Ether in a fully decentralized manner, ThorWallet also boasts the highest APY for native BTC and other L1 assets and allows users to earn passive income by providing liquidity on THORChain, as well as giving them the opportunity to utilize decentralized borrowing and lending facilities in-app.

The Swiss-based team behind THORWallet has a rich background in the tech industry and the financial markets, with expertise in building and leading the development of fintech and blockchain products.

Follow the THORWallet Twitter page to stay up to date with developments and discover more about the ThorWallet by reading their medium articles here.

Disclaimer: Coinspeaker is not responsible for the trustworthiness of any content or product on this page. Though our goal is to provide you with the most valuable information that we could find, we recommend you conduct the necessary research on your own before taking any decisions related to the products presented in this article. This article can’t be considered as investment advice.

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Andy Watson
Author Andy Watson

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