Crypto hardware wallet startup Cypherock raises $1 million, Polygon founder among investors

Cypherock, a hardware wallet startup, has raised $1 million from an array of industry leaders including 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. 

Started 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,” it said in the release.

On the fund raise Rohan Agarwal, Founder & CEO of Cypherock affirmed, “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.”

Cypherock is a web3 security company that is building infrastructure to promote freedom through self-custody. The X1 is a hardware wallet designed by Cypherock that allows individuals to self-custody their crypto and aims to improve crypto security in private key management.