Ctrl Wallet, a multi-chain self-custody wallet provider, is now up for sale following a series of merger and acquisition (M&A) approaches late last year. The company’s CEO and founder, Emile Dubie, confirmed the news in an exclusive interview with CoinDesk.
Reason for Sale: M&A Approaches and Auction Process
The decision to sell Ctrl Wallet was prompted by two separate M&A approaches the company received late in 2023. According to Dubie, the wallet provider received a takeover offer from a crypto protocol and an offer to merge with a large decentralized exchange (DEX). As a result, the company has engaged investment bankers to oversee a structured sales process.
Ctrl Wallet is being advised by Imperii Partners, and an auction process is currently underway. Bids are due by January 28, 2024, with the expectation that a winning bidder will be announced by January 31.
Growth and Competitive Landscape
Ctrl Wallet currently serves 650,000 users and aims to expand its user base to over 2 million by the end of 2024. However, it faces stiff competition from well-established players in the market, including Coinbase Wallet, Binance’s Trust Wallet, and OKX’s wallet solution.
To compete more effectively with these larger players, Ctrl Wallet needs a strategic partner with the resources and investment to help scale the business, according to CEO Emile Dubie. This sale could provide the company with the backing necessary to stay competitive in the rapidly evolving crypto wallet market.
Valuation and Past Fundraising
In 2021, Ctrl Wallet (formerly known as XDEFI) raised funds at a valuation of $60 million. The company is looking for a partner that can offer the investment and strategic support needed to achieve its ambitious goals in the crypto space.
Conclusion
The sale of Ctrl Wallet is a significant development in the crypto wallet space. As the company seeks a partner or acquirer to help fuel its growth, the outcome of the auction process will likely shape its future in the competitive world of decentralized finance.
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