HomeCryptoNewsCompaniesHong Kong Based Crypto Hardware Wallet Manufacturer OneKey Secures $20M Funding

Hong Kong Based Crypto Hardware Wallet Manufacturer OneKey Secures $20M Funding

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

On September 28, OneKey took to Twitter to announce the company has raised nearly $20 million in a funding round led by cross-border crypto venture fund, Dragonfly and Silicon Valley-based venture capital firm, Ribbit Capital. Other key participants in the Series A funding round included leading VC firms such as Coinbase ventures, the investment arm of crypto exchange giant, Coinbase, Framework Ventures, Sky9 Capital, Folius Ventures and Ethereal Ventures.

OneKey Aims to be the Leading Hardware Crypto Wallet Maker

As per the announcement, notable angel investors like Santiago Santos and Feng Liu, also backed the round. In addition to the Series A funding, the wallet maker has secured another round of small funding with participation from IOSG Ventures for an unspecified amount. Yishi Wang, a core contributer at OneKey tweeted,

“One more thing, we are super excited to announce that after series A, we have also closed a new round of small funding with participation from @IOSGVC for an unspecified amount.”

OneKey will reportedly continue to add near-about 40 new chains each year to help users stake and store their crypto assets and non-fungible tokens (NFT). It seems the company which has about 30 people working currently, looking to expand with the help of the fresh capital. OneKey’s Twitter handle claims the company is “hiring” at the moment. However, in a statement Wang said,

“OneKey is very conscious of controlling the burn rate and prioritizing long-term profitability.”

What Hardware Wallets are Important?

Hong Kong Based Crypto Hardware Wallet Manufacturer OneKey Secures $20M Funding

OneKey is a decentralized multi-chain cryptocurrency hardware wallet that is used to secure, buy and exchange digital assets. The open source wallet manufacturer further claims that it uses industry-leading encryption algorithms to ensure that each user’s assets are completely secure.

With the growing adoption of cryptocurrencies, hardware wallets are becoming more and more important. Hardware wallets are more secure than the other alternatives because they’re very hard to hack. They allow users to store their private keys offline, which reduces the risk of them being compromised.

Such wallets can also be used to sign transactions offline, which further increases security. Joel Dietz, founder of Art Wallet and contributing developer to MetaMask explained,

“A hardware wallet keeps your keys off of your phone or computer. Usually, you plug in the hardware wallet from a USB port. This is much more secure because all of the signing happens off of your computer.”

subhasish
subhasish
Subhasish is interested in all things crypto and finance. He switched from marketing to become a writer driven by the need to make sense of the dynamic market. He primarily focuses on on-chain data of Bitcoin, Ethereum, and the macroeconomic effects of crypto. Rock n’ Roll flows through these veins.
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