Cypherock Raises $1M to Skip Seed Phrases

 

Cypherock Raises $1M to Skip Seed Phrases

Cryptocurrency and blockchain technology have been on the rise in recent years, with more and more people turning to digital currency as an alternative to traditional forms of money. One key concern with cryptocurrency is security, and Cypherock is a recently-funded startup that has taken up the challenge of making digital wallets secure while also providing a simpler user experience. Read on to find out how they plan to use their new funding to skip seed phrases and revolutionize digital wallet security!

Background

In the fall of 2017, a group of entrepreneurs came together with the mission to make it easy for people to take control of their crypto wallets. They had seen first-hand how complicated and user-unfriendly current solutions were and knew there was a better way.

After months of hard work, they finally launched the product in beta in early 2018. 

Cypherock has raised $M in funding from some of the best investors in the space, including Polychain Capital, 1confirmation, and Blockchain Capital. They’ve also partnered with major companies like Samsung and Ledger.

And today, they’re announcing a new feature that will make it even easier for people to take control of their crypto wallets: support for hardware wallets.

What is Cypherock?

Cypherock is a new startup that is raising money to skip seed phrases. Seed phrases are typically used to generate a recovery phrase in the event that a user loses their private key. However, Cypherock believes that seed phrases are unnecessary and cumbersome. Instead, they are developing a system that uses biometrics and multi-factor authentication to secure private keys.

Cypherock has already raised $3 million from investors such as Galaxy Digital Ventures, Arrington XRP Capital, and Blockchain Capital. They are planning to use the funds to continue developing their product and grow their team.

How does Cypherock work?

Cypherock is a new startup that has raised $M in funding to skip seed phrases. Seed phrases are typically used to generate private keys and can be lost or forgotten, which can lead to loss of funds. Cypherock's solution is to use a hardware device called the Rock2 that generates a unique key for each user. The Rock2 connects to the user's computer and creates a secure connection with the Cypherock servers. Once the user has generated a key, they can then use it to access their account on any device.

It's in the Name

Cypherock, a crypto startup, has raised $M in funding to skip the seed phrase stage of its product development. The company plans to use the funds to further develop its technology and expand its team.

Seed phrases are a key part of cryptocurrency wallets. They are used to generate private keys and restore access to funds if a user loses their device. However, seed phrases can be difficult to remember and often require written backup.

Cypherock's solution is to allow users to generate a recovery key from their social media account or email address. The company plans to launch its product later this year.

The funding round was led by Blockchain Capital with participation from Arrington XRP Capital, HashKey Capital, Fenbushi Capital, and others.

Partnerships

Cypherock has raised $M in a seed funding round led by Accel, with participation from Polychain Capital and other investors. The company plans to use the funds to skip the seed phrase stage of product development and instead focus on building out its team and product.

Cypherock is a startup that wants to make it easier for people to store and manage their cryptocurrencies. The company's flagship product is a mobile app that provides a "single backup" for all of a user's cryptocurrency wallets. The app generates a 12-word recovery phrase that can be used to restore any wallet on any device.

The company plans to use the seed funding to skip the seed phrase stage of product development and instead focus on building out its team and product. Cypherock has already secured partnerships with several major exchanges and wallet providers, which will help it reach a wider audience.

Conclusion

In conclusion, Cypherock has raised $1M to skip seed phrases and make crypto wallets more secure. This is an important step forward in the industry as it will help protect users from hackers looking to steal their private keys. With this new funding, Cypherock can continue building on their vision of making cryptocurrency much easier and safer for everyday users. We look forward to seeing what Cypherock comes up with next!