Singapore-based crypto hardware wallet company Ryder completes $3.2 million seed round led by Draper Associates founder

ChainCatcher reported that Singapore-based cryptocurrency hardware wallet manufacturer Ryder has completed a $3.2 million seed round led by Draper Associates founder Tim Draper. Other participants include venture capital firms Borderless, Semantic, Smape, VeryEarly, as well as angel investors such as Solana co-founder Anatoly Yakovenko and Asymmetric CEO Joe McCann.

Ryder will use the funds to increase production, expand its marketing and engineering teams, and develop its Ryder One wallet product. Ryder One is equipped with a recovery system called TapSafe, which restores wallet access through mobile devices and NFC tags. The company claims that this method eliminates the need for traditional mnemonic phrases, which are a common method for cryptocurrency wallet recovery.