Ryder, the company behind Ryder One, which is said to give its users crypto security in 60 seconds or less, announced the close of a US$3.2 million seed funding round, led by billionaire Tim Draper, founder of Draper Associates.

Other participants consist of venture capital firms Borderless, Smape, Semantic, and VeryEarly, as well as angel investors Anatoly Yakovenko, the co-founder of Solana, and Joe McCann, the CEO of Asymmetric.

The funding will be used to ramp up production, elevate marketing and engineering teams, and further develop Ryder’s Ryder One product. It will also enable the company’s next big marketing push and raise brand awareness. Louise Ivan Payawal, the co-founder and CEO of Ryder, shared,

“We created Ryder because we experienced firsthand how fragile and intimidating self-custody can be. For too long, crypto has relied on seed phrases – a single piece of paper that could decide the fate of your entire wallet.”

Tim Draper, the founder of Draper Associates, added,

“What the crypto industry needs more than anything right now are solutions that don’t require in-depth technical knowledge while maintaining high security standards. This is exactly what I saw in Ryder’s hardware wallet with its minute-or-under set-up and offline design that keeps users’ holdings safe.”

Ryder One has introduced TapSafe recovery, a recovery solution for crypto wallets. TapSafe backups are spread across mobile phones and coin-sized NFC Recovery Tags.

These backups have to physically be brought together to restore access to the wallet in the case of loss. In doing so, TapSafe is self-custodial and eliminates the single point of failure that has existed with seed phrases until now. Customers can use Ryder One to create and back up their wallet within 60 seconds.

Looking ahead, the Ryder team intends to expand their vision to everyday use-cases.