Ryder Introduces Ryder One Hardware Wallet with TapSafe Recovery
Hardware wallet developer Ryder has successfully raised $1.2 million and unveiled its latest product, the Ryder One hardware wallet. This new wallet features a unique recovery system called TapSafe that aims to simplify the seed-phrase process typically used in cryptocurrency wallets.
Louise Ivan, co-founder and CEO of Ryder, emphasizes the importance of self-custody and believes it should be a right rather than a choice, as it forms the foundation of Web3.
The Ryder One hardware wallet introduces a new standard for Web3 self-custody by eliminating the complicated seed phrase process. Instead, it uses TapSafe Recovery, a multilayer recovery method that involves creating a backup through a recovery tag and the mobile app.
The recovery process is quick and easy, taking only 60 seconds to set up and back up your wallet. Users can also store multiple recovery tags in different locations, with at least two needed for wallet recovery.
Decentralized Self-Custody with Ryder One
Rather than relying on a typical seed phrase, the Ryder One wallet is divided into multiple pieces that are distributed across recovery tags, a mobile device, and optionally, the user’s social circle. Users can create additional pieces and share them with friends or family to increase their chances of wallet recovery.
Ryder CEO states that users have full control over their keys, as private keys never leave their devices. The company does not receive or store any wallet pieces. This decentralized approach ensures that even if all recovery tags are lost, the wallet can still be recovered using just the mobile app and assistance from two people.
Shipping in April 2024
Ryder plans to launch its Ryder One wallet in April 2024. The device will be available exclusively on Kickstarter, and the company aims to release a more premium version and an entry-level version by the end of 2024.
Ryder has partnered with Alchemy Pay, the Solana Foundation, BNB Chain, and Polygon Labs for its launch. These partnerships will enable seamless on-ramp and off-ramp services, integration with Layer 2 opBNB, and opportunities for real-world applications of digital collectibles.
Ryder’s NFC capabilities also open up possibilities for combining digital assets with real-world use cases such as POAP and IRL Asset swaps in future models.
Hot Take: Ryder One Revolutionizes Self-Custody with TapSafe Recovery
Ryder’s innovative approach to self-custody with the Ryder One hardware wallet and TapSafe Recovery offers a simpler and more secure solution for cryptocurrency users. By eliminating the traditional seed phrase process and decentralizing wallet recovery, Ryder empowers users to take full control of their keys while ensuring easy access to their funds.
With its successful funding raise and upcoming product launch, Ryder is set to make waves in the crypto industry. The combination of advanced technology, user-friendly experience, and strategic partnerships positions Ryder as a key player in the evolving landscape of self-custody solutions.
By
By
By
By