“Bitcoin is for billions, not billionaires,” a phrase first coined by investment researcher Lyn Alden, could soon become a reality, according to Fedimint.
The protocol that aims to scale Bitcoin (BTC) while making it more private, has been buoyed by a $4.2 million seed round for the Fedi application.
Cointelegraph spoke to Obi Nwosu, co-founder and CEO of Fedi, about the “incredible group of inspiring people who we are working with to support their activities to increase the freedoms of some of the most oppressed regions of the world,” and why the mobile app Fedi could solve issues related to scaling, custody and privacy.
Lyudmyla Kozlovska, head of the Open Dialogue Foundation — which focuses on supporting people in post-soviet Europe — Farida Bemba Nabourema, a Togolese human rights activist, and Fadi Elsalameen, president of the Palestinian Security Project and a fellow at the Foreign Policy Institute at the Johns Hopkins School of Advanced International Studies, support the Fedi app’s development and its impact in the global south and emerging economies.
In brief, the Fedi wallet app connects users to Fedimint “federations.” The Fedimint protocol (which takes its name from “federated” and “mint”) uses multi-signature (multisig) technology and trusted community members called “guardians.”
Nwosu told Cointelegraph that Fedi hopes to have the biggest impact on those located in the global south, and that the firm is “uniquely placed to help which is why we will put special focus on deploying into these communities.”
Farid Nabourema, a Togolese human rights activist, explained to Cointelegraph that in “poor parts of the world,” acquiring a hardware wallet is near impossible. Hardware wallet distributors including Ledger, ColdCard and Trezor are not present on the continent of Africa, despite the fact that “Africa has the fastest growing adoption rate and Togo, for example, was listed among the top 10 countries having the fastest adoption per capita based on the 2021 Chainalysis report.”
The Fedi app may go some way in resolving these issues, allowing for greater exposure to Bitcoin in Africa, Nabourema continued:
“Fedimint solves a lot of our problems in one system. It offers us an extra layer of security to keep bitcoin purchase and ownership totally decentralized, anonymous and offers an extra layer of ownership.”
Nabourema details that the “federated wallet…
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