Here's the 7-page pitch deck Giddy, an app aiming to make crypto staking easy, used to raise an $8 m
- Giddy is an app that lets users invest in crypto and stake crypto holdings.
- The upstart raised $8 million in seed funding to launch the app.
- Here's the 7-page deck it used to raise the round, led by Pelion Venture Partners.
From the outside looking in, cryptocurrency can seem like a world of potential, but also one of complexity.
That's because digital currencies, which can be traded, invested in, and moved like traditional currencies, operate on decentralized blockchain networks that can be quite technical in nature. Still, they offer the promise of big gains and have been thrusted into the mainstream over the years, converting Wall Street stalwarts and bankers.
But for the everyday investor, a fear of missing out is settling in. That's why brothers Ethan and Eric Parker built Giddy, a mobile app that enables users to invest in crypto, earn passive income on certain crypto holdings via staking, and get into the red-hot space of decentralized finance, or DeFi.
"What we're focusing on is giving an opportunity for people who otherwise couldn't access DeFi because it's just technically too difficult," Eric Parker, CEO at Giddy, told Insider.
DeFi is a blockchain-based financial system that cuts out the middlemen, like banks, credit-card issuers, brokerages. Instead, DeFi uses smart contracts, which are self-executing contracts that are written into lines of code.
And while investors have typically mined for cryptocurrencies to gain more assets, crypto staking is becoming an increasingly popular alternative way to build crypto wealth. Crypto staking enables users to earn passive income on certain coins by locking up a portion of their cryptocurrency for a period of time. It's similar to depositing money in a bank and earning interest on savings-account funds.
But crypto staking can be a complicated process, particularly for newcomers. The act of lending, moving, and receiving interest on crypto is carried out through smart contracts. And getting staked in a DeFi opportunity can take between five and 10 different transactions with smart contracts, Parker said.
The Giddy app programmatically chains together multiple smart contracts so app users only need to click one button that triggers the execution of several consecutive smart contracts, "instead of clicking 10 buttons and potentially losing your money and potentially paying a lot of fees," Parker said. Giddy also handles the back-end piping for users to transfer funds in and out of the app and oversees the security of private keys, which keep crypto funds safe.
The upstart, which is set to be available on Apple and Google devices this quarter, announced raising an $8 million seed round on January 14 led by Pelion Venture Partners, with investments from fintech CEOs Derek White of Galileo and Blake Murray of Divvy.
Here's the 7-slide pitch deck Giddy used to raise $8 million.
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