Filipino-Led Ryder Raises $1M to Create a Social Crypto Wallet

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Editing by Nathaniel Cajuday

A newly launched social crypto wallet provider Ryder, led by Filipino entrepreneur Louise Ivan Payawal, has announced that it has raised $1 million from SBX Capital, DeSpread, Trust Machines, and other investors.

According to Ryder, this milestone signifies a step closer for the startup to fulfilling its mission of bringing simple, secure, and social web3 experiences to millions of crypto users.

“This proves that now is the time to focus on the user level in order to bring crypto adoption to the next billion users,” said Payawal.

The startup claimed that while many cryptocurrency enthusiasts are looking for ways to integrate cryptocurrency into real-world social interactions, there is currently no cryptocurrency wallet that could close the gap between real-world interaction and web3 unless a cryptocurrency wallet can find a way around this problem.

“The next wave of crypto users is changing and we can see it. They are using NFTs as an access pass, a status symbol in real life, and even integrating it into their healthy lifestyle but there’s a major challenge, none of the wallets today are designed for these use cases,” the Filipino Co-Founder explained.

Ryder is positioning to be the pioneer for a new generation of crypto wallets that can bring web3 to real-life social interactions. Hence, calling it a social wallet. 

It also aims to combine the usability of known software wallets without sacrificing the security provided by traditional hardware wallets. Its users will be able to begin their personal crypto journeys, avoid theft and loss, and make identity management more effortless.

Because the users’ decentralized identities are embedded in the crypto wallet, they can use their on-chain assets in physical spaces with a simple tap. Just like using their NFT profile picture or avatar to access Web3 decentralized apps (Dapps) and events, and to send secured transactions. 

Another feature of the social wallet is for its users to split their master keys over multiple trusted Ryders to be able to retrieve their assets in case they lost their seed phrase. Ideally, this could be their family members or trusted friends.

“This is where Ryder comes, it is designed to merge the physical and digital world together,” said Payawal.

Ryder has initiated its early access for those who are interested to pre-order their own social wallets. Registration is available at their official website. 

The team behind Ryder are Louise Ivan Payawal (Co-Founder), Marvin Janssen (Co-Founder), Kiki Grammatopoulos (Product Lead), John (Head of Hardware Engineering), Friedger Müffke (Core Contributor), Enzo Meertens (Firmware Partner) and Toms Lucāns (Industrial Designer).

This article is published in BitPinas: Ryder Raises $1M to Create a Social Crypto Wallet

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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