What Foundation does

Foundation Devices, Inc., founded in 2020 and headquartered in Boston, Massachusetts, builds "Human Authority Hardware" for the AI era, with its flagship Passport Prime device (priced at $349) consolidating Bitcoin self-custody, FIDO2 security keys, offline TOTP 2FA storage, 50GB of on-device encrypted file storage, and explicit human authorization for AI-agent actions into a single open-source device assembled in New Hampshire. The technical foundation is KeyOS, a Rust-based microkernel operating system with sandboxed apps, reproducible builds, AES-XTS hardware encryption, and QuantumLink — a post-quantum encrypted Bluetooth protocol running on a dedicated, physically isolated chip using CRYSTALS-Kyber key exchange and ChaCha20-Poly1305 per-message encryption. Foundation monetizes primarily through direct-to-consumer hardware sales via its Shopify storefront, an optional ~$5/month Envoy Shield subscription that adds encrypted Magic Backups (2-of-3 Shamir secret sharing where Foundation never holds decryption keys), accessories, and an Ambassador referral program. The company has extended KeyOS to third-party developers via a public-beta Rust/Slint SDK with cosign2 code signing, validated by Cake Wallet's Monero integration that exposes ~1M users to Passport Prime cold storage. As of May 2026, total disclosed funding is ~$16.5M across a 2022 Polychain-led $7M seed and a 2026 Fulgur Ventures-led $6.4M round, with regulatory conformity to FCC Part 15, ISED, and CE/EMC standards.

Name

Foundation

Legal name

Foundation Devices, Inc.

Website

https://foundation.xyz

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Foundation Devices builds Passport Prime, an open-source hardware device combining Bitcoin self-custody, FIDO2 keys, offline 2FA, encrypted storage, and AI-agent authorization, serving Bitcoin holders and AI-era security-focused consumers via direct-to-consumer sales and a KeyOS developer platform.

Ownership category

akta.pro rank

Product category

Cryptocurrency Hardware Wallets

akta.pro primary industry

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

akta.pro secondary industries

Self-Custody Wallets (Consumer & Institutional) (FSADACAE), Wallet Connectivity & Session Protocols (WalletConnect, deep links, QR, auth sessions) (FSAPACAF), Smart Contract Frameworks & SDKs (developer kits, templates, standards) (FSAPABAB)

Keywords

• Bitcoin hardware wallets
• Cryptocurrency self-custody
• Hardware security keys
• Encrypted storage devices
• Developer SDK platforms

Headquarters

HQ city

Boston

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Hardware Sales (Passport Prime): Primary revenue stream from one-time sales of the Passport Prime hardware device at $349 via the foundation.xyz storefront, including bundles and accessories (Bumper Case, Folio Case, Holster Case, Capsule Steel Backup, Concierge Pro).
2. Envoy Shield Subscription: Recurring subscription service (~ $5/month with annual/multi-year discounts) that adds Magic Backups for all Prime metadata, priority support, and exclusive access to future products, Lightning services, and educational material.
3. Ambassador Program Referrals: Affiliate/referral revenue stream where approved Ambassadors earn store credit (paid monthly after a 31-day active period) for purchases made using their unique coupon code; store credit can be redeemed for products, Bitcoin vouchers, and exclusive swag.
4. Passport Core Legacy Hardware Sales: Continued revenue from the existing Passport Gen 2 product line (still developed and sold alongside Passport Prime), including Founders Edition and Stealth Edition SKUs, with warranty and support continuity.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels11 records

Core offering

Foundation builds and sells Passport Prime, an airgapped hardware device for Bitcoin self-custody that also functions as a FIDO2 security key, 2FA authenticator, AI agent authorization device, and 50GB AES-XTS encrypted storage. The device runs on KeyOS, an open-source Rust-based microkernel operating system, and pairs with the Envoy mobile companion app. Foundation also publishes a KeyOS developer SDK enabling third-party sandboxed apps for the device.

Differentiator

Problem solved

Functional benefit

Brands

• Passport Prime: Flagship "Human Authority Hardware" device combining Bitcoin wallet, FIDO security keys, 2FA storage, encrypted file storage, and AI agent authorization running on KeyOS.
• Passport Core
• Envoy
• KeyOS
• Human Authority Hardware

Products and services

• Passport Prime Flagship airgapped hardware device for Bitcoin self-custody, FIDO2 security key, 2FA codes, AI agent authorization, and 50GB encrypted storage. Runs on KeyOS with a 4-inch anti-glare touchscreen and QuantumLink post-quantum encrypted Bluetooth. Priced at $349.
• Envoy Mobile App Mobile companion app for iOS and Android used to monitor Bitcoin holdings, sign and send transactions, manage Magic Backups, and sync with the KeyOS app store on Passport devices.
• KeyOS Developer SDK Open-source developer SDK for building sandboxed applications that run on KeyOS-powered Passport devices, with a public beta and planned app store distribution.
• Magic Backups
• Envoy Shield Subscription Subscription tier of the Envoy mobile app that adds wallet protection, alerts, and recovery features for individual Bitcoin holders.
• Concierge Pro White-glove setup and concierge service for new Passport hardware wallet owners, providing guided device configuration.
• Passport Hardware Accessories Physical accessories for Passport devices, including Bumper Case, Folio Case, Holster Case, and Capsule Steel Backup.

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature8 records

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Ledger: Market-leading hardware wallet maker (Ledger Nano S Plus, Stax) running the proprietary BOLOS operating system with a large install base. Competes head-to-head with Foundation in the consumer self-custody segment and represents the primary incumbent benchmark for Passport Prime.
• Trezor (SatoshiLabs): Czech-based pioneer of the hardware wallet category (Trezor Model T, Safe 3) with open-source firmware and a strong brand among security-focused Bitcoin holders. Directly comparable to Foundation as another open-source alternative in the consumer hardware wallet space.
• Coinkite (Coldcard): Canadian maker of the Coldcard hardware wallet, a Bitcoin-only, air-gapped device favored by advanced self-custody users. Highly comparable to Passport Prime on Bitcoin focus, air-gap architecture, and target persona of sovereignty-minded holders.
• Shift Crypto (BitBox): Swiss maker of the BitBox02 hardware wallet, with open-source firmware and dual-chip architecture. Comparable to Foundation as a smaller, open-source, security-focused competitor in the consumer hardware wallet market.
• Keystone: Provider of air-gapped hardware wallets (formerly Cobo Vault) with QR-based communication, BIP39/PSBT support, and multisig compatibility. Comparable to Passport Prime on air-gap design, advanced multisig use cases, and self-custody focus.
• NGRAVE: Belgian maker of the NGRAVE ZERO hardware wallet, marketed as a premium, 'perfect key' security device with EAL7-certified secure element. Comparable to Foundation as a premium-priced, security-first hardware wallet targeting high-net-worth crypto holders.
• Blockstream (Jade): Blockstream's Jade is an open-source, Bitcoin-focused hardware wallet with air-gapped operation. Comparable to Passport Prime on Bitcoin-only positioning, open-source firmware, and integration with the broader Bitcoin ecosystem.
• Cypherock: India-based maker of the X1 hardware wallet that distributes keys across multiple NFC cards using Shamir's Secret Sharing. Comparable to Foundation on Shamir-based backup architecture and on emphasizing self-custody without single points of failure.
• SafePal: Binance-backed hardware wallet maker with a self-custody app ecosystem supporting many chains. Comparable to Foundation as a hardware-plus-app platform competitor, although SafePal is broader (multi-chain) while Foundation is Bitcoin-first.

Broad incumbents

• Yubico: Established leader in FIDO2 hardware security keys (YubiKey) used for authentication across enterprise and consumer markets. Comparable to Foundation as the dominant incumbent in the hardware authentication segment that Passport Prime's FIDO2 security-key functionality competes with.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/foundationdvcs
• GitHubgithub.com/Foundation-Devices
• YouTubeyoutube.com/@FoundationDevices
• LinkedInlinkedin.com/company/foundationdevices
• Facebookfacebook.com/foundationdevices

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds5 records

Investors16 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 Foundation