Hardware wallet startup Cypherock has raised $1 million co-led by Consensys Mesh, Infinite Capital, Gnosis, Stefan George, Sandeep Nailwal, Mahin Gupta, OrangeDAO, Prasanna Sankar, and Furqan Rydhan. The round also saw participation of esteemed names hailing from the emerging technology industry itself.
The proceeds will be deployed into creating the hardware wallet without a seed phrase, grow the operations, launch the product, and expand into the Indian market as well as internationally, the company said in a press release.
Founded in 2019 by Rohan Agarwal and Vipul Saini, Cypherock is a web3 security company which builds infrastructure to promote freedom through self-custody. The company’s hardware wallet X1 allows individuals to self-custody their crypto and improve crypto security by mitigating any single points of failure in private key management.
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 and multi-sig support, and other features including making crypto inheritance seamless.