About Cypherock

Cypherock provides secure storage solutions for blockchain-based digital assets by utilizing hardware security modules and multi-signature technology. This ensures protection against unauthorized access and loss of private keys, maintaining the integrity and safety of users' digital assets.

<problem> Securing cryptocurrency requires safeguarding private keys, traditionally managed through seed phrases, which present single points of failure susceptible to loss, theft, or damage. Existing hardware wallets, while improving security, still rely on these vulnerable seed phrases for recovery, creating anxiety and risk for digital asset holders. </problem> <solution> Cypherock X1 offers a seed phrase-free hardware wallet that decentralizes private key storage across five elements: the X1 Vault and four X1 Cards. Utilizing Shamir's Secret Sharing, the private key is split into five encrypted parts, eliminating any single point of failure. To execute a transaction, users tap any one of the four X1 Cards on the X1 Vault, ensuring secure, offline verification. The X1 Cards employ the same EAL 6+ secure elements found in banking credit cards, providing a robust defense against unauthorized access. </solution> <features> - Key shards distributed across one X1 Vault and four X1 Cards, removing seed phrase vulnerability - Employs Shamir's Secret Sharing to cryptographically split private keys - X1 Cards feature EAL 6+ secure elements, equivalent to bank-grade credit cards - Offline transaction verification via encrypted NFC-based communication between X1 Cards and X1 Vault - Supports over 18,000 digital assets, including Bitcoin, Ethereum, and Solana SPL tokens - cySync companion app enables portfolio management and transaction note-taking - Open-source codebase allows for community audits and continuous security enhancements - Optional hard case with built-in Faraday cage protects against electromagnetic signal attacks </features> <target_audience> The primary target audience includes cryptocurrency investors, traders, and Web3 users seeking a secure, user-friendly hardware wallet solution that eliminates the risks associated with traditional seed phrases. </target_audience> <revenue_model> Cypherock generates revenue through the sale of its X1 hardware wallet, priced at $159, and offers separate sales of X1 Vaults and X1 Cards for replacements or additions. </revenue_model>

What does Cypherock do?

Where is Cypherock located?

Cypherock is based in Singapore, Singapore.

When was Cypherock founded?

Cypherock was founded in 2019.

How much funding has Cypherock raised?

Cypherock has raised 1000000.

Location

Singapore, Singapore

Founded

2019

Funding

1000000

Employees

23 employees

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Cypherock

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Executive Summary

cypherock.com 5K+

Crunchbase

Founded 2019 – Singapore, Singapore

Funding

Estimated Funding

$1M+

Team (20+)

No team information available.

Company Description

Problem

Securing cryptocurrency requires safeguarding private keys, traditionally managed through seed phrases, which present single points of failure susceptible to loss, theft, or damage. Existing hardware wallets, while improving security, still rely on these vulnerable seed phrases for recovery, creating anxiety and risk for digital asset holders.

Solution

Cypherock X1 offers a seed phrase-free hardware wallet that decentralizes private key storage across five elements: the X1 Vault and four X1 Cards. Utilizing Shamir's Secret Sharing, the private key is split into five encrypted parts, eliminating any single point of failure. To execute a transaction, users tap any one of the four X1 Cards on the X1 Vault, ensuring secure, offline verification. The X1 Cards employ the same EAL 6+ secure elements found in banking credit cards, providing a robust defense against unauthorized access.

Features

Key shards distributed across one X1 Vault and four X1 Cards, removing seed phrase vulnerability

Employs Shamir's Secret Sharing to cryptographically split private keys

X1 Cards feature EAL 6+ secure elements, equivalent to bank-grade credit cards

Offline transaction verification via encrypted NFC-based communication between X1 Cards and X1 Vault

Supports over 18,000 digital assets, including Bitcoin, Ethereum, and Solana SPL tokens

cySync companion app enables portfolio management and transaction note-taking

Open-source codebase allows for community audits and continuous security enhancements

Optional hard case with built-in Faraday cage protects against electromagnetic signal attacks

Target Audience

The primary target audience includes cryptocurrency investors, traders, and Web3 users seeking a secure, user-friendly hardware wallet solution that eliminates the risks associated with traditional seed phrases.

Revenue Model

Cypherock generates revenue through the sale of its X1 hardware wallet, priced at $159, and offers separate sales of X1 Vaults and X1 Cards for replacements or additions.