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Ryder, the company behind an easy-to-use crypto hardware wallet, Ryder One, announced it has successfully concluded a $3.2M seed funding round, led by Tim Draper, Founder of Draper Associates.
While the funding round marks a major milestone for the company, it also saw participation from venture capital firms Borderless, Semantic, Smape, VeryEarly, as well as angel investors Anatoly Yakovenko, Co-founder of Solana, and Joe McCann, CEO of Asymmetric.
According to the announcement, proceeds from the funding will be used to ramp up production, scale the marketing and engineering teams, and further develop Ryder’s flagship product: Ryder One. It will also enable the next big marketing push and raise brand awareness.
Louise Ivan Payawal, co-founder and CEO of Ryder, commented on the move, saying;
 
“We created Ryder because we experienced firsthand how fragile and intimidating self-custody can be…For too long, crypto has relied on seed phrases – a single piece of paper that could decide the fate of your entire wallet.”
Marvin Janssen, co-founder and CTO of Ryder, also made remarks saying, “With Ryder One, we set out to make crypto feel natural and human – as easy as tapping your phone. By simplifying the overall experience and rethinking recovery, we’re opening the door for anyone, anywhere to truly and confidently own and use crypto.”
Tim Draper, Founder of Draper Associates and Satoshi Trillionaire, who led the massive funding round, added, “What the crypto industry needs more than anything right now are solutions that don’t require in-depth technical knowledge while maintaining high security standards. This is exactly what I saw in Ryder’s hardware wallet with its minute-or-under set-up and offline design that keeps users’ holdings safe.”
Introducing TapSafe by Ryder One
As part of its robust ecosystem, Ryder One has announced the debut of TapSafe recovery, a strong recovery solution for crypto wallets.
The product features TapSafe backups, which spread across mobile phones and coin-sized NFC Recovery Tags. These backups have to physically be brought together to restore access to the wallet in the case of loss.
Following its design, TapSafe is redundant, self-custodial, and eliminates the single point of failure that has existed with seed phrases until now.
With TapSafe, customers can use Ryder One to create and back up their wallet within 60 seconds safely.
Amid efforts to further boost the growth of the platform, the Ryder team revealed they are expanding their vision to everyday use-cases, enabling people to use cryptocurrency directly from their hardware wallet with Ryder’s companion app for tap-to-pay and other seamless, real-world transactions.