Web3 multi-chain wallet Cypher completes $4.3 million seed round financing, led by Y Combinator

2023-01-19 22:27:06

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ChainCatcher news, Web3 multi-chain wallet Cypher announced the completion of a $4.3 million seed round financing, led by Y Combinator. According to an announcement, this equity transaction was completed in June, with participation from OrangeDAO, Samsung Next, and former Coinbase CTO Balaji Srinivasan. The funding will be used for further R&D, product development, and to seek potential partnerships with banking institutions.

Cypher's CEO Kuberan Marimuthu stated that Cypher aims to simplify the design of cryptocurrency wallet applications. Cypher allows users to bridge assets across EVM and Cosmos chains. It does not rely on providers like Ramp or MoonPay, but instead offers proprietary support to connect fiat currency to cryptocurrency. Cypher is also launching a payment card that allows users to spend their stored cryptocurrencies. (The Block)

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