Cypherock, a hardware wallet startup, has raised $1 million from a number of web3 well-known industry figures

• ByStartupStory     |    December 2, 2022

Cypherock, a hardware wallet startup with a mission to accelerate adoption, has raised $1 million in funding from a diverse group of 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 (Third). Participants in the round included well-known figures from the growing technology industry.

Cypherock, founded in 2019 by Rohan Agarwal and Vipul Saini, is developing the world’s first hardware wallet without a seed word. The objective of Cypherock is to empower people to be self-sufficient and to have the same peace of mind and control over their crypto and personal data as they do over their savings in bank vaults.

Despite wallets’ relevance in web3 expansion, no current wallet solution addresses the core issue of private key management. Every currently available crypto wallet service stores private keys in a single location, introducing the risk of a single point of failure. Furthermore, today’s wallets incorporate a seed phrase-based recovery system, which a user often maintains on a piece of paper or a metal sheet, exposing clients’ crypto to trust concerns, hackers, thefts, fires, earthquakes, and other frauds. Cypherock not only mitigates the problem of a single point of failure with private keys but also completely eliminates the need for seed phrase backups, lowering the attack surface for cryptocurrency users.

On the fundraiser, 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.”

The future of Cypherock includes expanding wallet capabilities by adding token support and creating native hardware wallet experiences for various protocols. The business also plans to bring value to its customers through NFT support, on/off ramp solutions, further MPC and Multi-Sig support, and other features such as seamless crypto inheritance.

Cypherock is a web-based security firm that is developing infrastructure to support liberty through self-custody. The Cypherock X1 is a hardware wallet that allows individuals to self-custody their crypto and increase crypto security by removing any single points of failure in private key management.

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