Polychain Capital Leads $7 Million Seed Round for Bitcoin Wallet Developer

Foundation Devices, a developer of self-custody tools for Bitcoin, has raised $7 million in a seed round led by Polychain Capital. CoinDesk reports this.

Other participants include Greenfield Capital and Lightning Ventures, as well as existing investors Third Prime, Warburg Serres, Unpopular Ventures and Bolt.

Foundation Devices’ flagship products are the Passport hardware wallet, which uses a camera and QR codes for secure communication, and the Envoy mobile app, which enables setup and interaction with the device.

The funding will be used to expand the engineering and design teams, and to create new offerings focused on programming services.

“As the boundary between the physical and digital worlds continues to blur, we are excited to offer decentralized products that unlock a new era of freedom and prosperity for users around the world,” said Zak Herbert, co-founder and CEO of Foundation Devices.

In the wake of FTX collapse, hardware-wallet makers have recorded a surge in sales.

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