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CDS Startups Cypher Raises $4.3M in Seed Funding

Startups

Cypher Raises $4.3M in Seed Funding

oguz31/01/20231 Mins read515

Cypher, a US-based multichain Web3 wallet, has raised $4.3 million in a seed round led by startup accelerator Y Combinator.

Table of Contents

About Funding

The seed round, led by Y Combinator, included participation from OrangeDAO, Samsung Next, and former Coinbase CTO Balaji Sirinivasan. The company is off to a good start, raising a total of $4.3 million, and plans to use the funds raised for product development and partnerships with banking institutions.

NonCustodial Wallet Features

The mobile crypto wallet created by the company is a non-custodial wallet that allows users to store, buy and stake crypto assets. In addition to these features, Cypher’s primary goal is to design the crypto wallet with an easy-to-use interface.

What sets the company’s wallet apart from other crypto wallets is its ability to bridge the EVM and Cosmos blockchains. Instead of relying on companies like Ramp and MoonPay, the company provides fiat-to-crypto support as its in-app feature. It will also launch a payment card in the future that allows users to spend crypto assets in their wallets.

About Cypher

Cypher is a multichain noncustodial Web3 wallet that enables users to buy, sell, bridge, and stake transactions on more than 12 blockchains. The company’s mission is to make Web3 more accessible to everyone and create a large Web3 financial ecosystem. Thanks to the noncustodial wallet, users’ assets cannot be seized, frozen, used, or accessed by any third party.

References

www.cypherwallet.io

www.theblock.co

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Written by

oguz

The author is a political science and public administration student at Kocaeli University. He is also studying Management Information Systems at Anadolu University. He met Blockchain technology and Cryptocurrencies for the first time in 2019. Interested in cryptocurrencies for over 2 years. In addition he provides E-commerce and social media marketing services.

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