New Delhi: A hardware wallet startup, Cypherock with a mission to accelerate web3 adoption, has raised $1 million from an array of reputed industry leaders including Stefan George (Gnosis), Consensys Mesh, Infinite Capital, Gnosis, Mahin Gupta (Zebpay & Liminal), Sandeep Nailwal (Polygon), OrangeDAO, Furqan Rydhan (Thirdweb & F Inc) and Prasanna Sankar (Rippling) amongst others. Esteemed names from the rapidly developing technology sector itself participated in the round.
In 2019, Rohan Agarwal and Vipul Saini founded Cypherock with a mission to empower people to be self-sovereign. Additionally, to be able to control and enjoy the same level of security with their personal data and cryptocurrency as they do with their bank vault-stored savings. The company is making the hardware wallet without a seed phrase which is going to be the world’s first.
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 offers the most convenient and secure hardware-based multisig wallet. An intuitive way to increase security for your crypto assets.” – Stefan George, Gnosis
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.
