Popular provider of self-custody solutions, Safeheron has completed a $7 million pre-series A funding round. The protocol confirmed the development in its blog post. Reportedly, the round was led by an early-stage VC company Yunqi Partners, and hybrid venture and hedge fund, Web3Vision.
Other participants in the round include M77 Ventures, PrimeBlock Ventures, and Waterdrip Capita. According to the announcement, Safeheron intends to invest funds in its technical solutions. These solutions, as reported, run by allowing crypto-native small-to-medium firms to embrace institutional-based self-custody security. With this development, these firms can fully control their virtual assets.
The crypto custody solution provider also intends to use funds to enhance its infrastructure. Similarly, it plans to embark on various expansion programs in a bid to cement the global presence of Safeheron. This latest funding was initiated to complement its previous round. As revealed, Safeheron now has total funding of $9 million from both rounds.
According to reports, Safeheron usually harnesses Multi-Party Computation (MPC) and a Trusted Execution Environment (TEE) to improve custody security. The MPC allows numerous devices to validate a transaction, thereby averting any possible failure. On the other hand, TEE serves as a secured environment in the processor to implement code attached to the transactions.
A representative of Yunqi Partners, Yu Chen, justified the reason for backing Safeheron. According to him, “custody security providers often compete for enterprise clients, shunning SMEs with unaffordable solutions.” Chen said, “so, we’re excited to back Safeheron, who’s making safeguarding crypto assets with enterprise-grade custody security solutions more accessible.”
Safeheron announced its partnership with Metamask, a crypto wallet, in another development. Reportedly, the partnership will enable Metamask to use Safeheron’s MPC technology in availing of multi-factor authentication. The crypto wallet will incorporate the MPC into its Snaps system, enabling developers to widen the capacities of MetaMask for their decentralized applications (dApps).
Metamask subscribers will be able to explore more than two verification devices to sign transactions. Metamask currently supports Keystone hardware wallet, MetaMask desktop extension, and MetaMask mobile.
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