Cypherock raises $1M to build first MPC-based hardware wallet
Cypherock, a hardware wallet startup with a mission to accelerate web3 adoption, has raised $1 million from an array of reputed industry leaders including Consensys Mesh, Infinite Capital, Gnosis, Stefan George (Gnosis), Sandeep Nailwal (Polygon), Mahin Gupta (Zebpay & Liminal), OrangeDAO, Prasanna Sankar (Rippling), and Furqan Rydhan (Thirdweb & F Inc) amongst others. The round witnessed participation from esteemed names hailing from the emerging technology industry itself.
Started by Rohan Agarwal and Vipul Saini in 2019, Cypherock is building the world’s first hardware wallet without a seed phrase. Cypherock’s mission is to empower people to be self-sovereign and to have the same peace of mind and control with their crypto and personal data that they have with their savings in bank vaults.
Despite the importance of wallets in web3 expansion, no current wallet solution has addressed the fundamental issue of private key management. Every current crypto wallet provider stores private keys in a singular location, which introduces the risk of a single point of failure. Additionally, wallets today include a seed phrase-based recovery system, which a user typically stores on a piece of paper or a metal sheet, exposing clients’ Crypto to trust issues, hacks, thefts, fire, earthquakes, and other frauds. Cypherock not only mitigates the problem of a single point of failure with private keys, but also removes the requirement of seed phrase backups entirely, reducing the attack surface for crypto holders.
On the fund raise Rohan Agarwal, Founder & CEO of Cypherock affirmed: “We appreciate the support of all investors who believed in our product. The investment increased our team’s confidence and unquestionably contributed to the development of our business, enabling us to grow our operations and launch the product earlier than the scheduled date. Additionally, we are making a concerted effort to expand the demand for our product line and attract clients in India as well as in the international markets.”
Cypherock’s future entails the expansion of wallet capabilities by adding token support and developing native hardware wallet experiences for various protocols. The startup also intends to add value to their customer through NFT support, on/off ramp solutions, further capabilities related to MPC & Multi-Sig support, and other features including making crypto inheritance seamless.
Cypherock is a web3 security company that is building infrastructure to promote freedom through self-custody. The X1 is a hardware wallet designed by Cypherock that allows individuals to self-custody their crypto and improve crypto security by mitigating any single points of failure in private key management.