Cntrl Wallet, a self-custody digital wallet provider previously known as XDEFI, is moving to get acquired to help scale the firm.
"After nearly 5 years of building Cntrl Wallet, we’ve made the decision to explore opportunities for the company through an acquisition," the firm's founder and CEO Emile Dubie wrote on the social media platform X on Thursday.
"While we are confident that Ctrl Wallet is the best multi-chain wallet, we believe that scaling to compete with the largest players requires serious backing and support from the right partner who can unlock new distribution channels for us," Dubie continued.
Cntrl Wallet is currently in the sales process, with the winning bidder to be decided on Jan. 31, reports CoinDesk, citing an exclusive interview with Dubie. Cntrl has a takeover offer in addition to a merger proposal with a large decentralized exchange.
In 2021, Cntrl Wallet raised $6 million in Series A financing led by Mechanism Capital, bringing its total amount raised at the time to $7.2 million, The Block previously reported.
