On October 17th, Singaporean cryptocurrency hardware wallet manufacturer Ryder completed a $3.2 million seed round of financing, led by Tim Draper, founder of Draper Associates. Other participating investors include venture capital firms Borderless, Semantic, Smape, VeryEarly, as well as angel investors Anatoly Yakovenko, co-founder of Solana, and Joe McCann, CEO of Asymmetric.

Ryder will use this funding to increase production, expand marketing and engineering teams, and develop its Ryder One wallet product. Ryder One is equipped with a recovery system called TapSafe, which restores wallet access through mobile devices and NFC tags. The company claims that this method does not require traditional mnemonic phrases, which is a common method for recovering cryptocurrency wallets.