- Ryder has raised $12 million in funding and announced its Ryder One hardware wallet, which uses a new TapSafe recovery system instead of seed phrases for backup.
- The Ryder One utilizes Shamir Secret Sharing to distribute secrets across recovery tags, mobile devices, and social contacts without a central entity.
- After 2 years in development, the Ryder One will debut in November and ship on Kickstarter in April 2024, through partnerships with Alchemy Pay, Solana Foundation, and Polygon Labs.
Ryder has announced a $12 million funding round and revealed its Ryder One hardware wallet. The wallet features a novel recovery system designed to replace cumbersome seed phrases.
Introducing TapSafe Recovery
The Ryder One introduces TapSafe recovery, which aims to eliminate complicated seed phrase backups. TapSafe allows users to quickly create a backup in 60 seconds using a recovery tag and mobile app. Multiple recovery tags can be stored in different locations for added security.
No Central Entity
The wallet uses Shamir Secret Sharing to distribute secrets securely without a central entity. Instead of a seed phrase, the wallet is cryptographically split into pieces spread across recovery tags, mobile devices, and optionally a social circle. There is no risk of keys being stored by Ryder or any central service.
Shipping in April 2024
After two years in development, the Ryder One will debut at Solana Breakpoint in November. It will ship on Kickstarter in April 2024. Ryder is collaborating with partners including Alchemy Pay, Solana Foundation, and Polygon Labs. The wallet combines digital asset security with real-world functionality through NFC.