Recently launched its x1 hardware wallet, which offers a unique approach to security. the device uses four nfc cards to store users’ private keys and seed phrases, which can be stored in different geographic locations. to approve a transaction, users simply tap one of the cards to the wallet. cypherock has raised $1 million in a seed round with investments from consensys mesh, infinite capital, gnosis, polygon co-founder sandeep nailwal, mahin gupta, orangedao, and others.
Launch of the cypherock x1 wallet happened recently, with the seed round of funding taking place at the same time. the wallet was released in various geographic locations, allowing users to store their private keys and seed phrases in different places. additionally, the wallet is open source, allowing users to view their seed phrase by tapping an nfc card and entering a pin number.
Is providing a solution to the potentially fraught scenario of self-custody crypto wallets. to ensure the wallet’s security, the cards cannot be upgraded or changed once shipped to users. additionally, users can restore their crypto assets by tapping two of the four nfc cards on the new wallet, or by purchasing new cards from the company. the seed funding will be used for product development and marketing, as well as for supporting nfts and further developing its multi-party computation (mpc) efforts. the goal of cypherock is to decentralize as much as possible on every spectrum and every layer.