The Cypher multi-chain wallet has successfully raised $4.3 million in seed funding.

The Cypher multi-chain wallet development team announced the closure of a seed funding round of $4.3 million, led by startup accelerator Y Combinator. This was reported by The Block.

In the round, OrangeDAO, Samsung Next, and former Coinbase Technical Director Balaji Srinivasan also participated.

Cypher CEO Marimutu emphasized that the company’s product is focused on providing the simplest possible interaction with decentralized applications. According to him, the user experience of other wallets is “20 years behind”.

In addition to the usual storage, purchase and staking options, Cypher offers users the ability to transfer coins between EVM and Cosmos networks. A proprietary solution for converting fiat money into cryptocurrency has also been implemented.

The developers have plans to launch a payment card that allows spending the digital assets stored in the wallet.

The funds raised by the startup will be directed towards further research, product development and new partnerships, possibly with banking institutions.

Previously, the DeFi project Frontier presented a wallet in the form of a Chrome browser extension, supporting staking and NFT.

The new solution allows for interaction with decentralized applications from more than 35 blockchain ecosystems, including Aptos and Sui.

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