CypherD Wallet

Positioned as a financial operating system for the Web3 era, CypherD Wallet Inc. provides a platform designed to address the complexities of money movement in a decentralized digital economy. The company was established in 2021 and is based in Palo Alto, with a presence in Bellevue, WA. The founding team includes Kuberan Marimuthu (CEO), Dheeban Srinivasan Govindarajan, and Muthukrishnan Ramabadran. Marimuthu's background includes engineering leadership roles at Coinbase and Amazon, where he focused on fintech and payment platform integrations, a journey that directly informed the creation of Cypher. The initial concept was prototyped while Marimuthu was at Coinbase, leading to an early friends-and-family funding round and subsequent acceptance into the Y Combinator Winter 2022 batch.

Cypher's core business revolves around simplifying the user experience for cryptocurrency, targeting both individual mainstream users and Web3-native companies. The company operates on a B2C model, offering a non-custodial wallet that gives users full control over their private keys and assets. This wallet supports over 25 blockchains across the EVM and Cosmos ecosystems, allowing users to manage, stake, and swap a diverse portfolio of cryptocurrencies from a single interface. Revenue is generated through fees on services like token swaps and crypto-to-fiat conversions. For its business clients, particularly Web3 teams and DAOs that operate with stablecoins like USDC, Cypher provides a specialized financial stack. This includes corporate cards for expense management and tools for paying vendors and employees directly from a Gnosis Safe or Ledger, integrating with accounting software like QuickBooks and Xero.

The product suite includes the Cypher Wallet mobile app, a dApp, and a browser extension. A key offering is the Cypher Card, a prepaid crypto card that enables users to spend their digital assets at over 40 million merchants globally. Available in both virtual and physical forms, the card can be loaded from any self-custody wallet with over 500 supported tokens. The company has structured its card offering in tiers, including a free standard plan and a premium subscription plan, which offers benefits like lower fees and a metal card. The platform aims to bridge the gap between decentralized finance and everyday commerce, providing on-ramp and off-ramp solutions to convert crypto to fiat currencies seamlessly. Significant milestones include a $4.3 million seed funding round in January 2023, led by Y Combinator, to scale its operations and product development.

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