Cypherock Bags $1M; Aims to Build MPC-Based Hardware Wallet

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  • Multi-party computation wallet is similar to other digital asset wallets, except that its private key is controlled by multiple parties and devices—thus reducing single-point failure risks
  • Cypherock plans to utilize the newly-raised funds to build a hardware wallet without a seed phrase

Aiming to build the world’s safest crypto wallet, a web3 security company, Cypherock recently secured $1 million from the technology industry leaders like 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.

Cypherock plans to utilize the newly-raised funds to build a hardware wallet without a seed phrase. It claims that it will be the world’s first such wallet. Cypherock looks forward to expanding its wallet services by adding token support and developing native hardware wallet experiences for various protocols. The startup also intends to further its capabilities related to MPC & Multi-Sig support, add NFT support, on/off ramp solutions, and other features to make crypto inheritance seamless.

The founder & CEO, Rohan Agarwal commented on the latest fund-raise, “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.”

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Stefan George from Gnosis said: “Cypherock offers the most convenient and secure hardware-based multi-sig wallet. An intuitive way to increase security for your crypto assets.”

The company says that 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 claims to mitigate the problem of a single point of failure with private keys, and eliminate the need for seed phrase backups, thus reducing the attack surface for crypto holders.

Web3-frontrunner Delhi-based hardware wallet startup Cypherock was launched by Rohan Agarwal and Vipul Saini in 2019 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.’ 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.


 

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