Fordefi establishes their position as the leading institutional DeFi wallet by expanding the support of their native browser extension to include Solana applications.
Originally published on PR Newswire.
NEW YORK, June 26, 2023 /PRNewswire/ -- Fordefi, a financial technology company, today announced the launch of their native wallet integration for Solana protocols and applications. Fordefi's institutional MPC wallet platform offers a proprietary multi-chain browser extension, unifying the transaction experience across different types of blockchains. This launch continues to build on Fordefi's mission to enable institutions to securely hold digital assets and safely transact in DeFi (decentralized finance).
"Our goal is to make DeFi seamless and secure for institutions and connectivity is a critical piece of that experience. Users don't want different extensions for each chain on which they interact," said Josh Schwartz, CEO and Co-founder at Fordefi. "We're proud to take the features that our customers have come to rely on for EVM chains and bring them to non-EVM as well."
"We're excited to welcome Fordefi to the Solana ecosystem," said Ben Sparango, Head of Business Development at Solana Foundation. "As tokenization continues to proliferate and mature, it will be imperative to have infrastructure products like the Fordefi platform that enable institutions to efficiently and intuitively manage their assets."
Institutions seeking to safely transact in Solana DeFi faced a scarcity of institutional solutions that could provide them with the same level of security and accessibility as transacting on EVM (Ethereum Virtual Machine) dApps. The transition from Ethereum-based DeFi to Solana presented Fordefi with uncharted technical hurdles. Solana operates on a distinct blockchain architecture and has its own set of protocols and smart contract language. To overcome these challenges, Fordefi's team undertook the necessary research and development efforts to understand Solana's underlying technology and design their solution to seamlessly integrate with the blockchain.
"Supporting Solana at the level of security we aim for, posed a set of very interesting technical challenges, mainly around integrating our institutional-grade security controls into the existing transaction flow used by dApps," said Dima Kogan, CTO and Co-founder at Fordefi. "Our team successfully tackled those challenges and the result is a novel solution, which is both secure and provides a great user experience."
"As the leading liquidity primitive on Solana, Orca is looking forward to working more closely with Fordefi to lower the barrier of entry for institutional onboarding to DeFi," said KZ, Head of Growth at Orca.
Fordefi delivers a previously unavailable degree of insight into transactions, translating smart-contract transactions into language that users can understand, simulating every transaction, independently verifying contract addresses, and serving time-of-transaction risk alerts, all from a single browser extension compatible with both EVM and non-EVM chains. In addition, their flexible policy engine enables clients to set granular transaction permissions based on users, dApps, and values, further protecting clients from internal or external attacks.
Fordefi's native Solana integration is also available to programmatic clients. Fordefi Wallet API offers a complete developer toolkit from secure private-key management and wallet creation, to full transaction lifecycle management. Wallet API empowers developers with an unparalleled solution that eliminates the complexities of DeFi transactions, enabling them to seamlessly develop and scale their Web3 projects without any limitations or compromise to security.
Fordefi prioritizes security and has developed an advanced MPC (Multi-Party Computation) key management and security technology stack, mitigating the risks associated with single points of failure attacks. Fordefi recently demonstrated their commitment to security by announcing the attainment of their SOC 2 Type 2 certification from Ernst & Young. This achievement highlights their ongoing efforts to prioritize security and uphold industry-leading standards to provide a secure environment for their clients.
"Fordefi stands out in the industry with its strong focus on innovation, DeFi security, and education. They actively work to enhance the ecosystem, drive institutional adoption, and ensure participant safety," said Arthur Cheong, CIO and Founder at DeFiance Capital.
Fordefi's MPC wallet platform and Web3 gateway enables institutions to seamlessly connect to dApps across a wide range of chains while keeping digital assets secure. Fordefi is the first institutional MPC wallet and security platform built for decentralized finance(DeFi). Fordefi was founded in 2021 by crypto custody and cybersecurity experts and designed in close collaboration with industry-leading trading firms, funds and custodians. Fordefi is a financial technology company with offices in New York and Tel Aviv. For more information, visit www.fordefi.com.