Amid growing interest in self-custody solutions, Bitcoin-centric startup Foundation Devices announced today that it has closed a $7 million seed funding round.Boston based company Said We will use cash to continue developing crypto “digital sovereignty” products, including both hardware and software wallets.
Blockchain investment firm Polychain Capital led the round, with participation from Greenfield Capital, Lightning Ventures, Unpopular Ventures, Warburg Serres and Bolt.
Foundation’s flagship product, Passport, is a Bitcoin hardware wallet that features “air-gapped security” without the use of external USB or wireless communication. Instead, it communicates using a camera and a QR code, and has a built-in color display. The company also offers a mobile software wallet called Envoy. The company claims to have sold “thousands” of his Passport wallets over the past 18 months.
“In the midst of global censorship, invasion of privacy, and reckless fiscal and monetary policies, protecting freedom and privacy is more important than ever,” Foundation CEO Zach Herbert said in a statement Monday. important to
The funding comes as more and more companies in this space develop hardware wallets, expanding their functionality and appeal. A hardware wallet is a physical storage solution for Bitcoin and other cryptocurrencies that allows users to keep their private keys separate from the internet.
they have rising in popularity This year has been thanks to a bear market and the collapse of several high-profile cryptocurrency companies, including digital asset exchange FTX, which has stolen billions of dollars worth of customer cryptocurrency funds.
Original Apple iPod designer and engineer Tony Fadell recently released in partnership with popular crypto wallet company Ledger A new wallet called Staxhas an E Ink display and a credit card-like footprint. Jack Dorsey’s Block (formerly Square) Build a hardware walletalongside other Bitcoin-centric initiatives.
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