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Quick take:
The company wants to operate as a more useful self-custody wallet, bringing all Ethereum-based services to one place.
When the app launches, users will have their own self-custody wallets embedded in the app.
Legend is working with various decentralised finance applications to enable users to access different services without leaving the app.
Legend, a Decentralised Finance “super app,” has raised $15 million from Andreessen Horowitz (A16z) and Coinabse Ventures. It is being developed by Jayson Hobby and two executives who previously helped build the crypto lending platform Compound.
The company is trying to build a “more useful self-custody wallet” improving on what the founders did with Compound, bringing as many crypto services to the super app as possible.
According to Hobby, Legend is already working with various decentralised apps to enable users to access different services without leaving the app.
Currency in the testing phase. Once the app launches, users will have their own self-custody wallets embedded in it.
Among the services enabled with the launch, users will be able to send and receive crypto in their Legend wallet through decentralized exchange platforms Uniswap and 0x. They will also have access to crypto lending and borrowing services offered by Compound and Morpho.
Describing how the platform works in a Fortune interview, Hobby said, the approach is that of a “walled garden”, adding that users won’t need to verify the legitimacy or trustworthiness of the apps they have access to because Legend will have already done that. “You’re in this safe walled garden where nothing bad can happen because we’ve done all these integrations and removed a lot of the risk of interacting with DeFi,” he said.
According to Hobby, the company is now working to get the app listed on the Apple App Store as it gears towards building a reliable user base.
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