The sad reality is that most decentralized finance (DeFi) wallets and protocols are complicated to use, especially for beginners. Although rich in functionality, these products are often designed by technologists and not for the everyday user who needs more guidance to get started.
With consumers used to the simple interface on apps like Tinder, the “swipe left, swipe right mentality” has since transcended into all other consumer-facing products, finance included. The result is that while cryptocurrency assets and DeFi grow, so has the breadth of their functionality, and therefore, their complexity, as features become split across multiple chains and applications. Users may have to navigate multiple interfaces, in addition to a combination of hardware and software wallets, just to track portfolios.
Rising up to meet the challenges is Ambire, previously known as the AdEx Network.
The team behind Ambire has launched an innovative non-custodial smart wallet to solve UX problems and offer quick and easy onboarding for both novice and experienced crypto users. The experience is simplified with an email, password registration setup and a possibility to purchase digital assets through three different on-ramp methods, including wire transfer and credit card.
Improving the user experience
To make the DeFi world more accessible, the Ambire wallet meets each user where they are by providing a login that eliminates the need for a user to record their seed phrase. The platform leverages smart recovery to help users regain access to their account if it is lost. That said, wallets are non-custodial, giving users complete control over their private keys and wealth. Alternatively, a hardware wallet or another software one can add as a signer for an additional layer of security at any time.
Although simple, the Ambire wallet also provides functionality for the more versed user, including built-in transaction batching so users can save on gas fees. As a result, conducting bulk trades and withdrawals eliminate some of the manual approvals typically required. Additionally, traders may opt to pay for gas in a stablecoin of their choice. Today, the Ambire wallet is available on Avalanche (AVAX), Polygon (MATIC), Binance Smart Chain (BSC) and Ethereum (ETH), with layers two in the pipeline.
Ambire has received a total of $3 million in funding from private rounds, including Launchub Ventures, Ascensive Assets, Metacartel Ventures and Zee Prime. As for their advisory, Ambire has recently onboarded Danish Chaudhry, former CEO of Bitcoin.com, as one of their angel investors.
Paving the way for what’s ahead
In reflecting on the team’s progress, Ivo Georgiev, the CEO of Ambire shares,
“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. This funding will help us regime 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.”
Early platform users are already participating in an ongoing airdrop and receiving rewards in the WALLET token that will be released soon. With the year 2022 bringing a mobile application and a credit card release, the community can expect a liquidity bootstrapping pool (LBP) for the WALLET token to occur on Copper too.
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