Y Combinator invests $4.3 million in Cypher

Cypher, a multi-chain web3 wallet, has announced that the company has agreed to receive an initial investment of $4.3 million from Y Combinator. The company was a participant in Y Combinator’s 2022 winter deal.

Other participants in the fundraiser

The company announced that other companies interested in the stock deal include OrangeDAO, Balaji Srinivasan, former Coinbase CTO, and Samsung Next.

In an interview, Cypher CEO Kuberan Marimuthu said the company was on a mission to simplify the platform’s user experience. They planned to simplify the applications on the crypto wallet.

“User experience is 20 years behind,” he said.

Cypher is on a mission to simplify the user experience

Cypher is a platform that allows users to hold, buy and sell cryptocurrency. Its vision is to simplify the buying and selling of cryptocurrency and web3 for everyone.

The company aims to accelerate a seamless shift in user experience when they acquire cryptocurrency from any blockchain.

It also plans to make it easier for users to use cryptocurrency to buy and sell everyday items while still earning money for holding cryptocurrency. Cypher wants to be the first non-custodial crypto card company.

One of the main features that sets Cypher apart from other web3 is the in-app feature that allows users to link assets via Cosmos and EVM threads.

The platform also provides users with proprietary support for converting fiat money into cryptocurrencies without relying on other providers like Moonplay or Ramp.

Since banks rarely accept the exchange of fiat money for cryptocurrencies, the Cypher payment card will bring more convenience to its users and encourage more people to use crypto.

Users can spend their stored cryptocurrency by swiping the card while they are still earning.

The company also plans to do more research and development, and pursue partnerships with banks of similar interest. It also wants to further develop products to give its users a higher quality experience.

Another recent successful fundraiser

Sounds like a good time for a fundraiser. The initial-stage fundraising deal follows other successful cryptocurrency wallet fundraisers. Earlier this month, the cryptocurrency jump raised $5 million with Msafe, an Aptos-based multi-chain wallet.

Also, prior to Polychain Capital, the Bitcoin Wallet Developer Foundation raised $7 million in December. Braavo, a Starknet wallet, raised $10 million in October.