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

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By Teena Jose Originally published Dec 1, 2022

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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.

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