Legend completes $15M funding; to Launch a Seamless All-in-One DeFi Wallet ‘soon’

Legend, the decentralised financial platform visualised last year and currently in its test phase, announced the completion of its first funding round on Tuesday, raising $15 million from Andreeessen Hotowitz (A16z). Highlighting confidence in its vision of making DeFi simple and accessible, it also received funding from one of the largest crypto exchange Coinbase’s investment arm, Coinbase Ventures.
Founded by the pioneer DeFi platform, Compound’s executives, Legend is a self-custody decentralized platform which aims to integrate the best DeFi protocols into a single, mobile-first interface.
With its inception in July 2024, it aims to bring the next 100Mn users on chain by building its DeFi interface, Legend, with simple user experience (UX).

Legend’s All-in-one Crypto wallet

Legend utilises the non-custodial model of Turnkey, the secure, flexible, and scalable wallet infrastructure. It offers a self-custody Defi wallet as one of its key products, offering users to retain full control of their crypto holdings. With no more seed phrases, it will allow users to view digital assets and protocol balances in a single place. It allows cross-chain asset transfer, by integrating cross-chain bridge, Across Protocol.

No more seed phrases. No more endless approvals. No more risky website connections.

Legend combines the seamless UX of Web2 with the trustless, non-custodial security of Web3.

— Legend (@joinlegend) October 10, 2024

Aiming to make Defi more accessible, it allows users to trade, borrow, and earn with their digital assets – all at one place. Legend’s mobile-first DeFi interface intends to provide access to a self-custody wallet by using Legend application only, rather than requiring users to sign into multiple different applications. The availability of multiple applications at one place in the self-custody wallets allow users to gain one-click access to lending, staking and swaps without leaving the wallet. Legend wil allow the transactions in the crypto will be allowed through decentralised exchanges – Uniswap and OX. The existing wallets such as Coinbase Metamask wallets while focusing on Web interface come up with complex user experience and certain security risks.

Founded by former executives of Compound

The founders of this all-in-one DeFi platform, Legend, are the famous compound executives who built one of the first DeFi protocols, Compound, aimed at decentralization and providing yield farming. Former CEO of Compound, Jayson Hobby, is now one of the developers of Legend who spent five years at Compound, making lending and borrowing of digital assets easy for borrowers.

Legend’s other developers include Mykel, Jayson, Geoffrey, who earlier worked at the product and design at Compound labs. Since its foundation executives are connected with Compound, Legend in its Defi interface will allow users to access its lending and borrowing services too. The team is currently working to get the app listed on the Apple App Store and build a reliable user base.

Thus, with Legend set to use the funding to accelerate the launch, expand its team and develop further marketing strategies, more and more users are set to gain access to Defi with simple UX.

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