Y Combinator invests $4.3m in Cypher.

Cypher, the multi-chain web3 wallet, has announced that the company has agreed to receive a $4.3 million seed round investment from Y Combinator. The company was one of the companies participating in the 2022 Y Combinator Winter Contract.

Other participants in the fundraiser

Other companies interested in the equity deal include OrangeDAO, Balaji Srinivasan, the former CTO of Coinbase, and Samsung Next, the company announced.

In an interview, Cipher’s CEO, Kibaran Marimuthu, said the company was on a mission Simplify the user experience of the platform. They plan to streamline applications on crypto wallets.

“The user experience is 20 years behind,” he said.

Cypher is on a mission to simplify the user experience.

Cipher is a platform that allows users to hold, buy and sell crypto. Its vision is to simplify. Buy and Sell Crypto and Web3 for all.

The company aims to accelerate the transformation of the user experience when acquiring crypto from any blockchain.

There are also plans to build it. It is easy for users to use their crypto. Buy and sell everyday items while earning to hold crypto. Cipher wants to be the first company to have a non-custodial crypto card.

One of the key features that differentiates Cipher from other Web3 is its app feature that allows users to bridge. Assets in Global Chains and EVMs..

The platform also provides proprietary support to users. Convert fiat money to crypto. Without relying on other providers like Moonplay or Ramp.

Since banks rarely accept the exchange of fiat money for crypto, a Cypher payment card will do. Provide more convenience to your customers. And encourage more people to use crypto.

Users can still spend their stored crypto by swiping the card while earning.

The company is also planning to do more research and development and partner with banks with the same interest. It also wants to develop more products to give a quality experience to its customers.

Other recent successful fundraisers

It seems to be a good time for fundraisers. The seed stage fundraiser deal follows other successful crypto wallet fundraisers. Earlier in the month, Jump Crypto raised $5 million with Msafe, a multi-chain wallet based on Aptos.

Also, before Polychain Capital, a Bitcoin The Vault Developer Foundation raised $7 million in funding in December. Braavo, a wallet on Starknet, raised $10 million in October.

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