The Cypher team, developers of the multi-chain wallet, announced the closing of a $4.3 million seed round led by startup accelerator Y Combinator. The Block reports.
Participants in the round also included OrangeDAO, Samsung Next and former Coinbase chief technology officer Balaji Srinivasan.
Cypher CEO Kuberan Marimuthu said the product is focused on the simplest possible interaction with decentralized applications. In his words, the user experience of other wallets is “twenty years behind.”
In addition to the usual storage, buying and staking features, Cypher offers users the ability to transfer coins between EVM and Cosmos networks. It also features a proprietary fiat-to-crypto conversion solution.
The developers plan to launch a payment card that enables spending the digital assets held in the wallet.
The funds will be allocated to further research, product development and new partnerships, possibly with banking institutions.
Earlier, the DeFi project Frontier introduced a wallet in the form of a Chrome browser extension, supporting staking and NFTs.
The new solution allows interaction with decentralized applications from more than 35 blockchain ecosystems, including Aptos and Sui.
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