Crypto Hardware Wallet Maker, OneKey, Raises $20 Million Capital

Summary:
• OneKey, a crypto hardware maker, has raised $20 million capital. In the midst of a gloomy market, how does this impact the company?

OneKey, a company that makes hardware wallets, just raised around $20 million in a Series A funding round. The round was headed by Dragonfly and Ribbit Capital and included participation from Framework Ventures, Sky9 Capital, Folius Ventures, Ethereal Ventures, and Coinbase, amongst other investors.

Furthermore, the firm has promised to integrate roughly 40 new blockchains annually. That number should be enough to cover all public chains on the market within the next year or so. Moreover, it has promised to cooperate closely with industry-standard software wallets for added security.

OneKey’s growth plans amid the global economic downturn

To this day, OneKey is the only hardware wallet available that is both completely open-source and built around a certified secure chip. Core contributor Yishi Wang further says that the company is actively working with POPMart’s IPs to find opportunities for NFT, more conventional IPs and give more IP brand owners a voice.

OneKey presently employs around 30 individuals out of its Hong Kong headquarters, and the company wants to stay small. Wang also asserts that long-term profitability is a top priority at OneKey and that the company is careful to keep its burn rate low. The corporation has also stated that tokenization is not currently in the cards.

Investors are clearly seeing the growth potential in the company. In addition to the completion of the Series A funding, OneKey has also successfully completed a round of “small funding,” in which IOSG Ventures took part. Despite the prolonged downturn in the cryptocurrency industry, VCs are still bullish on their ultimate recovery. However, it’s important to note that the cryptocurrency market isn’t the only place where sentiment is gloomy.

There have been signals of an impending recession in the global economy. Nonetheless, the growing dominance of the US dollar may work in favour of cryptocurrencies. This is due to the fact that a strong dollar might slow expansion in several vital economic sectors. That could lead to relatively higher losses for assets like equities and gold, to the advantage of cryptos.