Singapore-based crypto hardware wallet company Ryder has completed a $3.2 million seed round financing, led by Draper Associates founder

ChainCatcher news, Singapore-based cryptocurrency hardware wallet manufacturer Ryder has completed a $3.2 million seed round financing, led by Tim Draper, founder of Draper Associates. Other participants include venture capital firms Borderless, Semantic, Smape, VeryEarly, as well as angel investors Solana co-founder Anatoly Yakovenko and Asymmetric CEO Joe McCann.

Ryder will use the funds to increase production, expand its marketing and engineering teams, and develop its Ryder One wallet product. The Ryder One features a recovery system called TapSafe, which allows wallet access recovery through mobile devices and NFC tags. The company claims this method does not require traditional mnemonic phrases, which are a common method for recovering cryptocurrency wallets.