Y Combinator makes $4.3m investment in Cypher
Cypher, the multi-chain web3 wallet, has announced that the company has agreed to receive a $4.3 million seed round investment from Y Combinator. The company was one of the companies participating in the Y Combinator winter deal of 2022.
Other participants in the fundraiser
The company announced that other companies interested in the equity deal included OrangeDAO, Balaji Srinivasan, former Coinbase CTO, and Samsung Next.
In an interview, Cypher CEO, Kuberan Marimuthu, said that the company was on a mission to simplify the platform’s user experience. They planned to streamline the applications on the crypto wallet.
“The user experience is like 20 years behind,” he said.
Cypher is on a mission to simplify the user experience
Cypher is a platform that allows users to hold, buy, sell even stake crypto. Its vision is to simplify the buying and selling of crypto and web3 to everyone.
The company aims to accelerate the seamless user experience shift when they acquire crypto from any blockchain.
It is also planning to make it easier for users to use their crypto to buy and sell everyday items while still earning for holding crypto. Cypher wants to be the first company to have a non-custodial crypto card.
One of the main features that differentiate Cypher from other web3 is its in-app feature that allows users to bridge assets across cosmos chains and EVM.
The platform also provides users with proprietary support to convert fiat money to crypto without relying on other providers like Moonplay or Ramp.
Since banks rarely accept the exchange of fiat money for crypto, the Cypher payment card will bring more convenience to their users and encourage more people to use crypto.
Users can spend their stored cryptos by swiping the card while still earning.
The company is also planning to do more research and development, and pursue partnerships with banks with the same interest. It also wants more product development to give its users a quality experience.
Other recent successful fundraisers
It seems to be a good time for fundraisers. The seed stage fundraiser deal comes after other successful crypto wallet fundraisers. Earlier in the month, jump crypto raised $5 million with Msafe, an Aptos-based multi-chain wallet.
Also, before that Polychain capital, a bitcoin wallet developer foundation, had fundraised $7 million in December. Braavo, a wallet on Starknet, raised $10 million in October.
