Crypto traders are increasingly looking for self-custodial platforms that are easy to use. Glider wants to fill that niche.
DeFi platforms are lagging behind their CEX counterparts, largely due to a lack of user-friendly features. For this reason, Andreessen Horowitz led a $4 million funding round for Glider, a self-custodial DeFi platform for crypto trading.
The platform will combine AI features with DeFi. For one, it will use AI to help users manage their funds in an automated way, without having to perform every trade themselves. This could involve picking a few coins, picking trending tokens, or a basket of crypto assets based on certain criteria.
At the same time, users will retain full custody over their assets, which boosts the platform’s security. This sets Glider apart from other asset managers, including Bitwise and Grayscale, says the company’s co-founder Brian Huang.
“It’s a lot like these traditional finance advisors, but we do it completely non-custodial,” Brian Huang, Glider.
Glider plans to launch in the coming months
Venture funds that also participated in the funding round were Coinbase Ventures, Uniswap Ventures, and GSR. However, the company did not disclose the valuation at which these funds were raised. What is more, these firms despite the fact that Glider has not yet launched its product.
While Glider is still testing its technology, it aims to launch its platform in the coming months. The company will monetize through charging a management fee, taking a percentage of the users’ assets under its management.
AI has been one of the hottest trends in venture capital last year. At the same time, investors are increasingly becoming comfortable with using AI in investment. For instance, in 2023, a survey found that one in three U.S. investors were comfortable with taking investment advice from a tool that’s powered by generative AI.
