The Cypher multi-chain wallet development team has announced the closing of a $4.3 million seed funding round led by startup accelerator Y Combinator. This is reported The Block.
The round also included OrangeDAO, Samsung Next, and former Coinbase CTO Balaji Srinivasan.
Cypher CEO Kuberan Marimutu emphasized that the company’s product is focused on the simplest possible interaction with decentralized applications. According to him, the user experience of other wallets is “20 years behind.”
In addition to the usual storage, purchase and staking capabilities, Cypher offers users the ability to transfer coins between EVM– and Cosmos-networks. A proprietary solution for converting fiat money into cryptocurrency has also been implemented.
The developers plan to launch a payment card that allows you to spend digital assets stored on your wallet.
The startup will use the raised funds for further research, product development and new partnerships, possibly with banking institutions.
Previously, the DeFi project Frontier introduced the wallet as a browser extension for Chrome that supports staking and NFT.
The new solution allows interaction with decentralized applications from more than 35 blockchain ecosystems, including Aptos and Sui.
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