Crypto hardware wallet maker OneKey raises $20 million in Series A funding

OneKey, a crypto hardware wallet maker based in Hong Kong, has raised around $20 million in a Series A funding round.

Announcing the news on Twitter on Wednesday, OneKey said the round was led by Dragonfly and Ribbit Capital. Other investors in the round included Coinbase Ventures, Framework Ventures, Sky9 Capital, Folius Ventures and Ethereal Ventures. Angel investors, including Santiago Santos and Feng Liu, also backed the round.

In addition to the Series A funding, OneKey has also closed a round of “small funding” with participation from IOSG Ventures, according to a tweet from Yishi Wang, core contributor at OneKey.

OneKey claims its code is totally open source. If a crypto wallet doesn’t operate this way, it could hide a backdoor that could compromise the security of customer assets, according to OneKey. “OneKey is, to date, the only hardware wallet in the world that is 100% open source and uses a certified secure chip,” Wang tweeted today.

Founded in 2020, OneKey claims to be the number one hardware wallet in the Eastern Hemisphere. Wang said OneKey has taken custody of billions of dollars in crypto assets and continues to grow rapidly, citing “incomplete 3rd-party statistics.”

He went on to say that many employees at rival wallet maker Ledger and crypto firms Alchemy and Infura are using OneKey’s devices, citing data from the firm’s shipped orders.

To continue growing, OneKey is looking to add support for more blockchains in the near future. Wang said OneKey will add around 40 new networks per year to cover all public blockchains and “help users stake and store their crypto assets and NFTs.”

There are currently about 30 people working for OneKey and the firm plans to stay lean. “OneKey is very conscious of controlling the burn rate and prioritizing long-term profitability,” Wang said, adding that the firm currently does not have any plans for a native token.

Update: clarifies description of Alchemy and Infura.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.