Ctrl Wallet, a multi-chain self-custody wallet solution, is on the market. CEO Emile Dubie disclosed in an exclusive interview that the business has entered a sales process triggered by two merger and acquisition (M&A) approaches received late last year.

The wallet provider, previously known as XDEFI, attracted a takeover offer from a crypto protocol and a merger proposal from a major decentralized exchange (DEX). To facilitate the sale, Ctrl Wallet has hired investment bankers, with guidance from Imperii Partners.

Bids are due by January 28, and the winning bidder is expected to be announced by January 31.

Currently, Ctrl Wallet boasts 650,000 users, with aspirations to surpass 2 million by year-end. The company's chief competitors include Coinbase Wallet, Trust Wallet from Binance, and OKX's wallet. To effectively compete with these larger entities, Ctrl Wallet seeks a partner willing to invest in the business.

In 2021, the company was valued at $60 million.