Cypherock Raises $1Million To Build MPC Based Hardware Wallet 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

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company handout

Cypherock, a hardware wallet startup with a mission to accelerate web3 adoption, has raised $1 million from an array of reputed industry leaders including Consensys Mesh, Infinite Capital, Gnosis, Stefan George (Gnosis), Sandeep Nailwal (Polygon), Mahin Gupta (Zebpay and Liminal), OrangeDAO, Prasanna Sankar (Rippling), and Furqan Rydhan (Thirdweb and F Inc) amongst others. The round also witnessed participation from esteemed names hailing from the emerging technology industry itself.

"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," said Rohan Agarwal, founder and CEO, Cypherock.

Founded by Rohan Agarwal and Vipul Saini in 2019, Cypherock is building the world's first 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. 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, according to a statement given by the company.

"Cypherock offers the most convenient and secure hardware-based multisig wallet. An intuitive way to increase security for your crypto assets," said Stefan George of Gnosis.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

Related Topics

Thought Leaders

It's Time to Overcome the 5 Common Obstacles Keeping You From Full-Time Entrepreneurship

After spending years helping people realize their professional dreams, I've identified key obstacles to entrepreneurial success, as well as ways of overcoming them.

Business Plans

How You Can Use the 80/20 Rule to Unlock Success and Maximize Your Impact

Our success is determined by where we focus our efforts.

Buy a Franchise

Learn the Secrets of Running 20+ Businesses as a Side Hustle — Finding and Nurturing Your 'STIC People'

Explore the critical importance of choosing the right franchise manager and the innovative 'STIC' approach.

Business News

This Influencer Has Nearly 150,000 Instagram Followers and Makes Over $10,000 a Month. There's Just One Catch—She's Not Real.

Aitana López has over 149,000 Instagram followers and brands love her. Is she the future of social media marketing?

Business Ideas

This Teacher Sells Digital Downloads for $10. Her Side Hustle Now Makes Six Figures a Month: 'It Seems Too Good to Be True, But It's Not.'

When one middle school teacher needed to make some extra income, she started a remote side hustle with no physical products and incredibly low overhead. Now she brings in six figures each month, and offers courses teaching others how to do the same.

Leadership

Do You Have a Strong Identity? 5 Ways to Uncover the Core of Your Organization — And Why It Matters

Understanding and carefully adapting organization identity in concert with emergent realities provides the balance our organizations need in our present turbulent climate.