Ryder Reveals Hardware Wallet That 'Replaces' Seed Phrases With Novel Recovery System and 'No Central Entity', Raises $1.2 Million

cryptonews.com:

Hardware wallet developer Ryder has announced the close of a $1.2 million raise and revealed the Ryder One hardware wallet featuring a recovery system designed to replace the typical seed-phrase process.

In a press release shared with Cryptonews, Ryder said it raised $1.2 million from "industry heavyweights," including Oak Grove Ventures, co-founder of Trust Machines Muneeb Ali, SBX Capital, and Bitcoin Frontier Fund.

Commenting on the freshly revealed wallet, Louise Ivan, co-founder and CEO of Ryder, argued that,

"Self-custody is a right, it shouldn’t be a choice as it is the foundation of Web3."

The company claims that its Ryder One hardware wallet introduces "a new standard for Web3 self-custody that eliminates the complicated seed phrase process with novel TapSafe recovery."

In the video shared with Cryptonews, CTO Marvin Janssen explains that getting a backup for one’s wallet typically includes creating a 12- or 24-word seed phrase during a setup that can take 10-30 minutes. But these phrases can get misplaced, stolen, destroyed, or simply forgotten.

Ryder TapSafe Recovery is a multilayer recovery method meant to solve this issue: the backup is created through a recovery tag and the mobile app. It is set up via simple device contact, Janssen said, adding:

“It only takes 60 seconds to create and back up your wallet.”

Alternatively, one user can have multiple recovery tags stored in different places. Two, at minimum, are needed for a wallet to be recovered.

CEO Ivan told Cryptonews that the wallet uses the Shamir Secret Sharing Algorithm, which allows private information, aka 'secrets', to be distributed securely amongst an untrusted network.

Instead of offering a typical seed phrase, Ivan said, the wallet is cryptographically