Polychain Leads $7M Funding for Hardware Wallet Developer Foundation Devices

Foundation Devices, a developer of Bitcoin-centric tools that include a hardware wallet, has raised $7 million in a seed round led by crypto-focused investment firm Polychain Capital.

The announcement comes during a surge of interest in hardware wallets following the bankruptcy protection filing of centralized crypto exchange FTX, which held and misused customer funds.

The funding will help Foundation Devices continue expanding its engineering and design teams and build products, with a near-term focus on software services, according to a draft press release provided to CoinDesk.

Other participants in the round included new backers Greenfield Capital and Lightning Ventures and existing investors Third Prime, Warburg Serres, Unpopular Ventures and Bolt.

Founded in April 2020, Boston-based Foundation focuses on products that make Bitcoin and decentralized technologies more accessible. The flagship product is Passport, a $259 hardware wallet that uses a camera and QR codes for more secure communication rather than a USB or wireless connection to the outside world. Foundation has also developed the Envoy mobile app, a mobile wallet that helps users set up, maintain and interact with their Passport wallet.

“Preserving freedom and privacy is more important than ever amidst worldwide censorship, privacy violations and reckless financial and monetary policies,” said Foundation Devices co-founder and CEO Zach Herbert in a statement. “As the line between the physical and digital world continues to blur, we are excited to continue delivering decentralized products that usher in a new era of freedom and prosperity for users across the globe.”

Read more: How Do Hardware Wallets Keep Crypto Safe?