XDEFI Wallet Looks to Raise $12M in Initial DEX Offering

Cross-chain wallet XDEFI is looking to raise $12 million by selling its new utility token, $XDEFI, on a decentralized exchange (DEX), a spokesperson told CoinDesk.

• The token, which conforms to ERC-20, will be used to fund decentralized finance (DeFi) and non-fungible token (NFT) projects, XDEFI Wallet said Tuesday.

• The sale, known as as an initial DEX offering (IDO), will take place in early November on MISO, the platform built for offering new tokens on the SushiSwap DeFi protocol.

• XDEFI released its cross-chain wallet, which enables users to store, send and receive all their digital assets from a single place, earlier this month after raising $6 million in September. The wallet offers access to chains such as THORChain and Terra so users can move between protocols easily.

Read more: $3M in Ether Stolen From SushiSwap’s MISO Launchpad