Foundation Devices, a maker of Bitcoin-centric tools such as a hardware wallet, has raised $7 million in a seed round led by cryptocurrency-focused investment firm Polychain Capital.
Following the bankruptcy filing of centralised crypto exchange FTX, which held and misused customer funds, there has been a surge in interest in hardware wallets.
The funding will help Foundation Devices continue to expand its engineering and design teams and build products, with a near-term focus on software services.
New investors Greenfield Capital and Lightning Ventures joined existing investors Third Prime, Warburg Serres, Unpopular Ventures, and Bolt in the round.
Founded in April 2020, Boston-based Foundation focuses on products that make Bitcoin and decentralized technologies more accessible.
The flagship product is Passport, a $259 hardware wallet that uses a camera and QR codes for more secure communication rather than a USB or wireless connection to the outside world.
Foundation has also developed the Envoy mobile app, a mobile wallet that helps users set up, maintain and interact with their Passport wallet.
(Reporting by Shikha Singh, Editing by Laxmikant Khanvilkar)
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