Bitcoin-Centric Firm Foundation Devices Nets $7M in Seed Round for Expanding Self-Custody Services
Foundation Devices announced on December 19 receiving $7 million in funding it plans to use to expand its self-custody solutions. The developer of the Passport hardware wallet indicated the funds would facilitate the expansion of its crypto products oriented to bring digital sovereignty.
Funding Round Participants
The Boston-based entity promised to align its software and hardware wallets’ offering to allow users to exercise their digital sovereignty.
The statement marketing the conclusion of the funding round revealed the participation of Greenfield Capital, Bolt, Warburg Serres, and Lightning Ventures. Foundation lauded the leadership input of the blockchain investor Polcychain Capital alongside the Unpopular Ventures.
Unique Features to Foster Sovereignty in Passport Hardware
Foundation clarified reinforcing its flagship project, Passport. It involves a Bitcoin hardware wallet that utilizes air-gapped security to break the reliance on wireless communications. Instead, Foundation pointed out that Passport utilizes QR codes integrated with the camera lens to facilitate communication.
Besides, the hardware utilizes an inbuilt color display. The announcement reiterated previous disclosures by Foundation Device before the seed round that it offers a mobile-based software wallet – Envoy. Further, the Bitcoin-centric firm admitted to selling thousands of Passport-based wallets for 18 months.
Foundation Device chief executive Zach Herbert acknowledged the need to preserve freedom and allow users to exercise privacy. Herbert cited censorship, violated privacy, and reckless monetary policies as reasons for pursuing digital sovereignty in its hardware and software projects.
Foundation considers the integration of digital sovereignty a common agenda among developers seeking to expand their hardware wallets’ functionality and appeal. The developer affirmed a need to detach private keys from their wallets for safekeeping amidst the rising concerns over centralized crypto actors.
Adjusting Hardware and Software Initiatives to Realize Digital Sovereignty
Foundation push for self-custodial services is set to leverage the rising popularity of digital solutions that entrench sovereignty rights to digital asset owners. Herbert noted that the push towards self-custody is gaining steam following the FTX collapse, trapping billions of digital wealth. He regretted the alleged rerouting of customers’ funds in FTX.
Elsewhere, the pursuit of digital sovereignty is evident in Tony Fadell’s partnership with crypto wallet firm Ledger to develop Stax wallet. The inclusion of an Apple iPod designer will enable Stax to utilize an E-Ink display while mimicking a credit card footprint. In addition, Jack Dorsey announced Block to pursue hardware wallets that portray digital sovereignty.
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