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.