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

- Advertisement -
  • 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.”

- Advertisement -

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.


 

- Advertisement -

Most Popular Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

EV Sales In India Fall Face First From March to April 2024

0
Electric Vehicle sales, across segments, have fallen short of the promise the sector was witnessing over the last few months. Despite the extension of FAME scheme for...

Low-Speed Scooters, E Rickshaws Major ‘Headache’ For EV Task Force?

0
Going ahead, the situation for low-speed electric two-wheeler and electric rickshaw retailers and makers looks a little cloudy. The bigger ones may want to join these segments...

Growth Opportunities Connected With The Growing Semicon EcoSystem In India

0
India must concentrate on electronics products and semiconductor components, as progress in one area reinforces the other. The country can unlock immense economic opportunities...

Buzz

Altair Acquires Researchs In Flight To Advance Aerodynamics

0
FlightStream is capable of analyzing airflow from subsonic to supersonic speeds, incorporating compressible effects and a specialized capability for surface vorticity. It builds on...

Texa’s TXT Bharat OBD Tool Launched In India For Commercial Vehicles

0
The TXT Bharat, in conjunction with the IDC5 software interface, is designed to serve a range of vehicles in India, including trucks, buses, light...
Micron

Micron To Ship First India-Made Chips From Gujarat In 2025

0
Micron India is planning to start exporting semiconductor chips, which will be packaged at its facility in Sanand, Gujarat, by early next year. The...

Important Sectors

Altair Acquires Researchs In Flight To Advance Aerodynamics

0
FlightStream is capable of analyzing airflow from subsonic to supersonic speeds, incorporating compressible effects and a specialized capability for surface vorticity. It builds on...

Texa’s TXT Bharat OBD Tool Launched In India For Commercial Vehicles

0
The TXT Bharat, in conjunction with the IDC5 software interface, is designed to serve a range of vehicles in India, including trucks, buses, light...
Micron

Micron To Ship First India-Made Chips From Gujarat In 2025

0
Micron India is planning to start exporting semiconductor chips, which will be packaged at its facility in Sanand, Gujarat, by early next year. The...

EV Sales In India Fall Face First From March to April 2024

0
Electric Vehicle sales, across segments, have fallen short of the promise the sector was witnessing over the last few months. Despite the extension of FAME scheme for...

Greaves Electric Mobility Launches Ampere Nexus E-Scooter At Rs 109,900

0
The electric scooter, equipped with cutting-edge features and an LFP battery capable of covering 136km on a single charge, is aimed at attracting younger...

Manufacturing

Micron

Micron To Ship First India-Made Chips From Gujarat In 2025

0
Micron India is planning to start exporting semiconductor chips, which will be packaged at its facility in Sanand, Gujarat, by early next year. The...

Tesla Abandons Advanced ‘Gigacasting’ Manufacturing Process

0
Tesla, facing declining sales and rising competition, has dropped its one-piece gigacasting manufacturing approach. Originally intended to transform manufacturing and lower costs, Tesla has...

Honda Invests $11 Billion In Canadian EV Value Chain

0
As part of its strategy to establish eco-friendly EV and battery facilities in Ontario, Honda's EV value chain will cover every stage of EV...

Honda plans major EV factory construction in Canada,

0
Honda's dedication to this facility reflects its wider ecological objectives, which include a target to only offer zero-emission vehicles by 2040 and to attain...
Sona Comstar

Sona Comstar Launches Mexico Plant For North American EV Demand

0
The new facility, established to address the increasing demand for premium driveline solutions for BEVs in North America, will focus on manufacturing differential assemblies...