Why we invested in Cypher, a noncustodial wallet for crypto assets
Despite increasing adoption, web3 remains out of reach for the average consumer due to the complexity of managing crypto assets.
Cypher is solving the complexity problem with a consumer-friendly, non-custodial wallet that provides a frictionless one-stop-shop for everyday users to purchase, manage, and spend their crypto.
Samsung Next invested in Cypher because it is reducing barriers to crypto adoption by improving the web3 user experience and extending decentralized application (dApp) functionality directly into a digital wallet that simplifies a user’s interaction with blockchain.
Cypher’s vision is to vertically integrate a broader set of services into the wallet that automatically orchestrates end-to-end transactions to make web3 experiences feel more like web2. It is going to market with a non-custodial wallet and payment card that allows users to store and spend crypto, and is building out services such as on-ramps, off-ramps, multichain compatibility, dApp connections, and swaps.
Despite the growing popularity of dApps, engaging with them has historically been a high friction experience for crypto-native users, and virtually impossible for the average consumer. Cypher solves this problem by aggregating multiple dApps and features – such as messaging and identity – into a single platform. This enables users to easily access and engage with all the services they need from one wallet.
We are excited by the potential the Cypher wallet – which can be downloaded as a mobile app – has to resonate with consumers who are often confused by an ever-increasing number of crypto services, chains, and assets. Because dApps run autonomously on decentralized computing platforms, they can significantly improve functionality for end-users.
Moreover, Kuberan (Kube) Marimuthu, CEO and founder of Cypher, has considerable experience at the intersection of digital wallets, crypto-exchanges, and payments which positions the team to succeed. Before launching Cypher, he managed payment solutions for Coinbase. Prior to that, he helped Amazon build and scale its branded American Express card for enterprise customers.
We joined a $4.3 million seed financing round that included participation from Y Combinator, Orange DAO, Tribe Capital, Goodwater Capital, Balaji Srinivasan, former CTO of Coinbase, and Prasanna Sankar, former CTO of Rippling.
Cypher makes it easy to connect to web3 applications within multiple ecosystems – without the need for separate wallets or third party custodians. As web3 becomes increasingly mainstream, applications like the Cypher wallet have the potential to transform how consumers live, spend, and play.
Carlos Castellanos is a Samsung Next Investor. Samsung Next's investment strategy is limited to its own views and does not reflect the vision or strategy of any other Samsung business unit, including, but not limited to, Samsung Electronics.