Crypto Startup Ryder Raises $1.2 Million to Build Wallets With No Seed Phrases
The post Crypto Startup Ryder Raises $1.2 Million to Build Wallets With No Seed Phrases appeared on BitcoinEthereumNews.com. Seed phrases have been the bane of many crypto enthusiasts because they’re long multi-word phrases that have to be safely stored so users can access their funds. Now one company is trying to make them a thing of the past by leaning on a more user-friendly approach known as social recovery. Social recovery relies on users finding five friends or family members who can help recover access to their crypto wallet if they lose their seed phrase. Ryder has closed a $1.2 million round and launched its flagship Ryder One hardware wallet, a physical device that replaces seed phrases with its novel TapSafe recovery feature. The round was led by Oak Grove Ventures, the Bitcoin Frontier Fund, Muneeb Ali from Trust Machines, and SBX Capital among others. The Ryder One wallet taps into the widely known Shamir Secret Sharing (SSS) algorithm, a cryptographic formula that distributes private information (in this case, private keys) among a group. No single user has the ability to reveal the private key. Rather, the group has to act together to reveal the secret. The newly launched wallet will use its own implementation of SSS, combining multiple devices along with a mobile app, offering a sleek and easy-to-approach wallet. With TapSafe, the company alleges the onboarding process has now been reduced to under a minute, without sacrificing security. It’s a tool, says the company’s CEO, made for the masses. Louise Ivan, Ryder’s co-founder and CEO told Decrypt “I realized I had eight hardware wallets, with my recovery phrases split all over the world, and thought–how is a normal person going to do this?” “People just don’t like seed phrases,” he said. So, after several years at Bitcoin smart contract protocol Stacks, Ivan decided it was time to “build a product that focuses on core problems.” Ryder’s…
The post Crypto Startup Ryder Raises $1.2 Million to Build Wallets With No Seed Phrases appeared on BitcoinEthereumNews.com.
Seed phrases have been the bane of many crypto enthusiasts because they’re long multi-word phrases that have to be safely stored so users can access their funds. Now one company is trying to make them a thing of the past by leaning on a more user-friendly approach known as social recovery. Social recovery relies on users finding five friends or family members who can help recover access to their crypto wallet if they lose their seed phrase. Ryder has closed a $1.2 million round and launched its flagship Ryder One hardware wallet, a physical device that replaces seed phrases with its novel TapSafe recovery feature. The round was led by Oak Grove Ventures, the Bitcoin Frontier Fund, Muneeb Ali from Trust Machines, and SBX Capital among others. The Ryder One wallet taps into the widely known Shamir Secret Sharing (SSS) algorithm, a cryptographic formula that distributes private information (in this case, private keys) among a group. No single user has the ability to reveal the private key. Rather, the group has to act together to reveal the secret. The newly launched wallet will use its own implementation of SSS, combining multiple devices along with a mobile app, offering a sleek and easy-to-approach wallet. With TapSafe, the company alleges the onboarding process has now been reduced to under a minute, without sacrificing security. It’s a tool, says the company’s CEO, made for the masses. Louise Ivan, Ryder’s co-founder and CEO told Decrypt “I realized I had eight hardware wallets, with my recovery phrases split all over the world, and thought–how is a normal person going to do this?” “People just don’t like seed phrases,” he said. So, after several years at Bitcoin smart contract protocol Stacks, Ivan decided it was time to “build a product that focuses on core problems.” Ryder’s…
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