Bitcoin hardware wallet manufacturer Foundation Devices has completed a $7 million seed funding round.
In the blockchain expansion, different product lines are emerging from day to day. Despite the ongoing bear trend in the cryptocurrency market, many crypto projects have stepped up their initiatives. The growing number of users and investors is encouraging blockchain initiatives. Especially traditional finance leaders have started to work to have a say in this field. In the midst of these processes came a move by Foundation Devices. The Bitcoin hardware wallet manufacturer company managed to raise $ 7 million from the seed funding round it participated in.
Foundation Raises $7M Despite Crypto Winter
Despite tough market conditions in the crypto industry, Bitcoin hardware wallet manufacturer Foundation Devices has managed to raise funds.
The Boston-based crypto company announced that it will spend this fund on hardware and software development. Companies such as Polychain Capital and Lightning Ventures also took part in the seed funding round.
Foundation managed to attract attention with its flagship Passaport product. Providing reliability without an external USB or wireless communication, this device uses camera or QR technology to communicate.
In addition, the firm is introducing a new mobile software wallet called Envoy. The company stated that it has sold thousands of Passaport products in the last 18 months.