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Singapore encryption hardware wallet company Ryder has completed a $3.2 million seed round financing, led by Draper Associates founder.
According to Deep Tide TechFlow news on October 17, as reported by Techinasia, Singapore's cryptocurrency hardware wallet manufacturer Ryder has completed a $3.2 million seed round financing, led by Tim Draper, founder of Draper Associates. Other participants include venture capital firms Borderless, Semantic, Smape, VeryEarly, as well as angel investor Anatoly Yakovenko, co-founder of Solana, and Joe McCann, CEO of Asymmetric.
Ryder will use the funds to increase production, expand its marketing and engineering teams, and develop its Ryder One Wallet product. The Ryder One is equipped with a recovery system called TapSafe, which restores wallet access via mobile devices and NFC tags. The company claims that this method does not require traditional mnemonic phrases, which are a common method for recovering Crypto Assets wallets.