Hardware Wallet Developer Ryder Raises $1.2 Million to Introduce Ryder One
Hardware wallet developer Ryder has recently concluded a $1.2 million funding round, which will enable them to launch their latest product, the Ryder One hardware wallet. This wallet features a unique recovery system that aims to replace the traditional seed-phrase process. The successful funding round attracted investments from prominent figures in the industry, including Oak Grove Ventures, Trust Machines co-founder Muneeb Ali, SBX Capital, and Bitcoin Frontier Fund.
Louise Ivan, co-founder and CEO of Ryder, expressed her excitement about the new wallet, stating that it sets a new standard for Web3 self-custody by eliminating the complicated seed phrase process with the innovative TapSafe recovery.
Redefining Wallet Recovery
Ryder One’s recovery system introduces a novel approach to safeguarding wallet access. In a video presentation, CTO Marvin Janssen explained that the conventional method of backing up a wallet involves the creation of a 12- or 24-word seed phrase, which can be time-consuming. However, these seed phrases are susceptible to loss, theft, destruction, or forgetfulness.
“Ryder TapSafe Recovery is a multilayer recovery method meant to solve this issue: the backup is created through a recovery tag and the mobile app. It is set up via simple device contact,” Janssen explained. He further added that users have the option to store multiple recovery tags in different locations, with a minimum requirement of two for wallet recovery.
Ivan pointed out that the Ryder wallet utilizes the Shamir Secret Sharing Algorithm, ensuring secure distribution of private information among untrusted networks. Instead of relying on a traditional seed phrase, the wallet is split into multiple pieces and distributed across recovery tags, a mobile device, and optionally, the user’s social circle. Additional pieces can be created and shared with friends or family, ultimately enabling the recovery of a lost wallet.
“‘Not your keys, not your coins’ is one of the Cryptoverse’s fundamental principles,” said Ivan. He stressed that Ryder empowers users with full control over their keys, as seed phrase backups are considered a single point of failure. With the TapSafe feature, users can decide where to store their wallet pieces, enhancing overall security.
Ryder One: A Combination of Elegance and Functionality
An introductory video showcasing the Ryder One wallet highlights its elegant design, robustness, water-proof capabilities, and user-friendly interface. In case of wallet loss, access can be restored using only the mobile app and the involvement of two individuals. This ensures that even if all recovery tags are misplaced, the wallet can still be recovered.
Ryder, founded in 2021, consists of a team composed of individuals with diverse backgrounds, including OpenSea, Stacks, Twitter, DGI, NASA, and Aston Martin. Over the past two years, they have dedicated extensive effort to develop the Ryder One wallet, and they are preparing for its public debut in Q4. The device will be showcased for the first time at the Solana Breakpoint event in Amsterdam on November 1.
The Ryder One wallet will be exclusively available for pre-order on Kickstarter, with shipping expected to commence in April 2024. Ryder has also partnered with several platforms, including Alchemy Pay, Solana Foundation, BNB Chain, and Polygon Labs. The collaboration with Polygon will unlock a wide range of possibilities for digital collectibles in real-world applications, leveraging the NFC capabilities of the Ryder wallet.
“User experience doesn’t have to be compromised for top-notch security,” emphasized Muneeb Ali, a launch partner from Trust Machines.
