Tim Draper Leads $3.2M Seed Funding for Ryder's TapSafe Recovery Wallet

Ryder, a Singapore-based company, has closed a $3.2 million seed funding round led by billionaire investor Tim Draper, founder of Draper Associates. The round included participation from venture capital firms Borderless, Semantic, Smape, and VeryEarly, as well as angel investors Anatoly Yakovenko, co-founder of Solana, and Joe McCann, CEO of Asymmetric.

The funds will be used to ramp up production, scale marketing and engineering teams, and further develop Ryder One, the company's flagship hardware wallet. Ryder One aims to provide crypto security in under 60 seconds and introduces TapSafe recovery, a novel system that replaces traditional seed phrases with distributed backups across mobile phones and coin-sized NFC Recovery Tags. This approach eliminates the single point of failure associated with seed phrases, requiring physical proximity of tags to restore wallet access in case of loss.

Louise Ivan Payawal, co-founder and CEO of Ryder, stated, "We created Ryder because we experienced firsthand how fragile and intimidating self-custody can be. For too long, crypto has relied on seed phrases—a single piece of paper that could decide the fate of your entire wallet." Marvin Janssen, co-founder and CTO, added, "With Ryder One, we set out to make crypto feel natural and human—as easy as tapping your phone."

Tim Draper emphasized, "What the crypto industry needs more than anything right now are solutions that don't require in-depth technical knowledge while maintaining high security standards." Looking ahead, Ryder plans to expand into everyday use-cases, enabling tap-to-pay transactions and seamless real-world integration of digital assets through its companion app.