What Cypherock does

Cypherock (legally HODL Tech Pte. Ltd.) is a Singapore-headquartered private company founded in 2019 that designs and sells hardware wallets for cryptocurrency self-custody. Its flagship product, the Cypherock X1, uses Shamir's Secret Sharing to split a user's private key into five cryptographic shards distributed across one X1 Vault device (with dual-chip architecture for offline computation) and four EAL 6+ NFC-based X1 Cards, structurally eliminating the seed phrase as a single point of failure. The system supports 18,000+ digital assets across multiple blockchains, is BIP39-compliant for backing up other wallets, and integrates with WalletConnect, Binance, and ChangNOW for DeFi and swap functionality.

The product line has expanded beyond the core wallet to include the CySync desktop companion app for portfolio management, a Wallet Backup feature for securing seed phrases from competing wallets, and Cypherock Cover, a non-custodial inheritance and recovery service launched in Q4 2024. Cypherock holds an exclusive integration as the only hardware wallet with native Canton Network support for $CC token management. The company sells primarily through direct-to-consumer e-commerce (cypherock.com), Amazon, and an authorized reseller network spanning 11 countries, augmented by a 5%-33% affiliate program and co-branding partnerships. Revenue is generated through one-time hardware device sales, with pricing not publicly disclosed.

The business is venture-backed at the seed stage with $1 million raised in December 2022 from Consensys Mesh, Polygon, Gnosis, Infinite Capital, Orange DAO, and India DeepTech, plus accelerator participation from Tachyon by Consensys Mesh. Leadership consists of founders Rohan Agarwal (CEO) and Vipul Saini (CTO), with Akhil Jonnavithula as Director of BD. The company maintains 11-50 employees, GDPR and CCPA compliance, security audits by Keylabs and SERMA, an active bug bounty program, and a 4.4/5 Trustpilot rating.

Name

Cypherock

Legal name

HODL Tech Pte. Ltd.

Website

https://cypherock.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Cypherock (HODL Tech Pte. Ltd.) is a Singapore-based hardware wallet company founded in 2019 that sells the Cypherock X1 device, which uses Shamir's Secret Sharing to split private keys across five components and eliminate seed phrase risk. It serves retail cryptocurrency HODLers, DeFi users, and Canton Network token holders globally.

Ownership category

akta.pro rank

Product category

Cryptocurrency Hardware Wallets

NAICS

Security Systems Services (except Locksmiths) (561621)

SIC

Wholesale-Computers & Peripheral Equipment & Software (5045)

akta.pro primary industry

Self-Custody Wallets (Consumer & Institutional) (FSADACAE)

akta.pro secondary industry

Smart Contract Wallets / Account Abstraction (MPC/AA, social recovery, paymasters) (FSAPACAB)

Keywords

• Hardware wallet
• Crypto self-custody
• Digital asset security
• Seed phrase backup
• Cryptocurrency cold storage

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Technology or R&D, Marketing or Sales, Operations, Personnel

Revenue model

1. Hardware Wallet Sales: One-time sale of Cypherock X1 hardware wallet products including the X1 Vault and X1 Cards. The primary revenue stream from direct-to-consumer e-commerce and authorized resellers worldwide.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Cypherock designs and sells the Cypherock X1 hardware wallet ecosystem for cryptocurrency self-custody. The system uses Shamir's Secret Sharing to split private keys across one X1 Vault device and four encrypted NFC X1 Cards, eliminating the need for traditional seed phrase backups. Supporting products include the CySync desktop companion app and Cypherock Cover, a non-custodial inheritance and recovery service.

Product overview

Cypherock offers a hardware wallet ecosystem centered on the Cypherock X1, which uses Shamir's Secret Sharing to eliminate seed phrase risks. The product line consists of the X1 Vault (main device), four X1 Cards (encrypted NFC smartcards), and the CySync desktop companion app. Additional offerings include Cypherock Cover (inheritance/recovery service), Wallet Backup (seed phrase vault for other wallets), and Portfolio Management. The architecture decentralizes private keys across multiple hardware components to eliminate single points of failure.

Differentiator

Problem solved

Functional benefit

Brands

• CySync: Desktop companion application for Cypherock X1 hardware wallet management
• Cypherock Cover

Products and services

• Cypherock X1

Quantifiable outcome

• Eliminates seed phrase as attack vector - the most common cause of crypto loss (2.3-3.7 million Bitcoin lost to lost passwords and seed phrases as of early 2025)
• +2 more outcomes

Named customers17 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature9 records

Partnerships

Four partnerships are on record, tiered core.

• KeylabscoreStrategic or Co-development Partner · 1 September 2022Keylabs conducted third-party security audit of Cypherock X1 wallet, discovering and publishing all findings. Keylabs is famous for finding vulnerabilities in Ledger and Trezor hardware wallets.
• SERMAcoreStrategic or Co-development Partner · 1 September 2022SERMA conducted security audit of X1 Card hardware. SERMA is a safety and security expert organization.
• WalletConnectcoreTechnology or IntegrationWalletConnect protocol integration enables Cypherock X1 users to securely interact with DeFi protocols and NFT marketplaces through the hardware wallet.
• Canton NetworkcoreTechnology or IntegrationCypherock X1 is the only hardware wallet with native Canton Network support, enabling secure storage of $CC tokens and other Canton assets. This is the only cold storage solution available in the Canton ecosystem.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Ledger: Ledger is the dominant consumer and institutional hardware wallet maker (Ledger Nano S Plus, Ledger Stax). It is Cypherock's primary direct competitor in self-custody hardware, with overlapping distribution, security audits, and similar product positioning.
• Trezor (SatoshiLabs): Trezor is one of the original hardware wallet brands, competing head-to-head with Cypherock in the consumer cold-storage category. Cypherock explicitly uses Trezor's well-publicized security flaws as comparison marketing.
• Tangem: Tangem produces NFC-based card-format hardware wallets. Its physical form factor and tap-to-sign interaction most closely resemble Cypherock's X1 Card approach, making it a direct peer in the card-style self-custody category.
• Keystone (formerly Cobo Vault): Keystone builds air-gapped hardware wallets with QR-code transaction signing. It targets the same security-focused, multi-chain self-custody user as Cypherock, including BIP39 and WalletConnect compatibility.
• Ellipal: Ellipal produces air-gapped, mobile-friendly hardware wallets competing in the same security- and DeFi-oriented niche as Cypherock, with comparable multi-asset and WalletConnect support.
• Shift Crypto (BitBox02): Shift Crypto is a Switzerland-based hardware wallet maker competing in the same premium security-focused segment as Cypherock, with an emphasis on secure-element chips and open-source firmware.
• SafePal: SafePal offers both hardware and software wallets targeting retail crypto users, with comparable multi-chain coverage and a direct-to-consumer e-commerce model overlapping with Cypherock's GTM.
• CoolWallet: CoolWallet produces card-format, Bluetooth-connected hardware wallets targeting mobile-first crypto users. It is comparable to Cypherock in retail crypto self-custody, though with a different form factor and connectivity model.

Emerging players

• NGRAVE: NGRAVE is a Belgium-based high-security hardware wallet maker (ZERO) that competes in the same premium, security-audited positioning as Cypherock X1, though with a more limited distribution footprint.
• Blockstream (Jade): Blockstream's Jade is a hardware wallet with a strong Bitcoin focus and open-source firmware. It competes with Cypherock for the same security-conscious, self-sovereign crypto-holder segment, particularly among Bitcoin maximalists.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• GitHubgithub.com/Cypherock
• YouTubeyoutube.com/@cypherock4458
• Facebookfacebook.com/cypherock
• LinkedInlinkedin.com/company/cypherockwallet
• Instagraminstagram.com/cypherockwallet
• Xx.com/cypherockwallet

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds3 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cypherock