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Safle Raises $4 Million to Enhance the Blockchain User Experience Across Multiple Chains

coincodex.com 09 December 2021 11:00, UTC
Reading time: ~2 m

Key highlights:

  • Safle has raised $4 million in a private funding round led by MapleBlock, GSR, Sanctum and Ghaf Capital Partners
  • Safle is developing a suite of solutions that are designed to make it easy for users to manage their crypto and interact with DApps across multiple blockchains
  • The project will be launching SAFLE, a governance and multi-utility token

Safle raises $4 million, plans to streamline user experience across blockchain platforms

Digital identity and blockchain infrastructure project Safle has raised more than $4 million in a private funding round. The investment was led by MapleBlock, GSR, Sanctum and Ghaf Capital Partners, but a long list of other venture and individual investors subscribed to the round as well. Safle’s raise of over $4 million follows a $900,000 seed funding round led by Draper Dragon Fund, Woodstock fund and the founders of Polygon. 

Safle provides a user-friendly interface for accessing blockchains and storing cryptocurrency, and supports a wide range of networks with Ethereum, Polygon, Binance Smart Chain and Polkadot being just a few examples. For EVM-compatible blockchains, the Safle platform lets users interact with decentralized applications like DeFi protocols, DEXes, NFT marketplaces, blockchain-powered games and more. 

Safle Wallet caters to a wide range of cryptocurrency holders, as users will be able to choose between a standalone web app, a mobile application, or a browser extension. The project is also working on private key management infrastructure called SafleVault, as well as SafleID, which is a digital identity that can be implemented on multiple blockchain platforms.

MapleBlock founder Vijay Garg explained why his company decided to invest in Safle, and highlighted the Safle platform’s user experience as one of its main strengths:

“The Safle team has a strong focus on improving the DeFi user experience through their wallet. Their UI/UX felt much superior to many of the existing solutions in the space. We also strongly believe in their vision to create an on-chain identity that spans across multiple chains while retaining full custody of their assets at all times.”

The Safle platform is planning to implement the SAFLE governance token, which will power the SafleDAO. Through the SafleDAO, holders will be used to propose changes to the Safle platform, or vote on proposals submitted by others. In addition to giving holders the ability to participate in governance, staking SAFLE will also provide yield earning opportunities and the ability to unlock subscription services on the Safle platform. 

On December 16, Safle will be holding an IDO (Initial DEX Offering) on Polkastarter, where the project aims to raise $550,000. 

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