Cypherock, a hardware wallet startup raises $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.
Cypherock was Started by Rohan Agarwal and Vipul Saini in 2019. It is building a 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,” said in a release.
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 said, “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.”