Crypto Wallet Firm Fordefi Expands in Indonesia Powering Pintu Web3 Self-Custodial Wallet

Crypto and decentralized finance wallet provider Fordefi said on Wednesday that local cryptocurrency trading platform Pintu is expanding into the emerging Indonesian market by strengthening its web3 wallet offering.

The move is part of Fordefi’s plan to roll out its offering, mostly used by institutional participants such as Pantera Capital and market maker Keyrock, to exchanges and fintech platforms that serve retail investors.

Pintu’s 20 million users will be able to self-custody their digital assets and access decentralized applications with Fordefi’s backend technology, while benefiting from security features such as transaction simulation and risk alerts.

Fordefi aims to make crypto safer with its self-custodial wallet with multi-party computation (MPC), which eliminates a single point of failure by splitting a single private key between multiple parties. MPC wallets are harder to hack, making interacting with DeFi applications less risky.

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The company has included institutional investors such as Pantera Capital, DeFiance Capital, Keyrock, and Flare Network in its wallet offering. It also raised $10 million from venture capital investors led by Electric Capital earlier this year.

“The lack of security and guardrails for retail investors has hindered Web3 adoption,” Fordefi CEO Josh Schwartz said in a statement. “With Fordefi, retailers can benefit from the same security infrastructure used by the most advanced enterprises in the market.”