In a significant development within the cryptocurrency wallet sector, Ctrl Wallet, a multi-chain self-custody wallet solution, has been officially put up for sale. This announcement comes directly from the company’s CEO and founder, Emile Dubie, during an exclusive interview with CoinDesk.
The decision to pursue a sale was prompted by two merger and acquisition (M&A) approaches received late last year. These offers included a potential takeover from a cryptocurrency protocol and a merger proposal with a prominent decentralized exchange (DEX).
To facilitate the sales process, Ctrl Wallet has engaged the services of investment bankers and is being advised by Imperii Partners. An auction process is currently in place, with bids expected to be submitted by January 28, and a winning bidder is anticipated to be announced by January 31.
As of now, Ctrl Wallet boasts approximately 650,000 active users, with ambitious plans to expand that number to over 2 million by the end of the year. This growth target underscores the wallet provider’s competitive aspirations.
Competing in a crowded market, Ctrl Wallet faces significant competition from well-established players such as Coinbase Wallet, Binance’s Trust Wallet, and OKX’s wallet. Dubie emphasized the necessity for a strategic partner who is willing to invest in the company’s future to compete effectively with these larger entities.
It’s worth noting that Ctrl Wallet raised capital in 2021, achieving a valuation of $60 million. As the company navigates this critical juncture, the outcome of the ongoing auction will be pivotal in determining its future trajectory and ability to innovate within the competitive cryptocurrency wallet landscape.
