Filipino-Led Crypto Startup Ryder Secures $3.2-Million in Seed Funding
Filipino co-owned social cryptocurrency startup Ryder has bagged $3.2 million (P187.63 million) in seed funding led by venture capital investor and billionaire Tim Draper.
With Filipinos consistently being ranked as some of the world’s top cryptocurrency and non-fungible token (NFT) user, it only makes sense for a Filipino to lead the charge in pushing for a social crypto wallet on the go, which promises to give users crypto security in a minute or less.
Based on data from the Crypto Council for Innovatiom, the Philippines ranks 8th globally in crypto adoption, translating to about 10 percent of the population using the digital currency. About 12.79 million Filipinos are expected to be adopters by 2026.
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In a news release, Ryder said the company's total funding has reached $4.8 million (P280.47 million) with the latest round.
The recent seed funding also saw participation from venture capital firms, Borderless, Smape, Semantic, VeryEarly, and angel investors Solana Co-Founder Anatoly Yakovenko, and Asymmetric CEO Joe McCann.
Famed tech early venture capital investor Tim Draper, who founded Draper Associates, is best known for his early investments in Facebook, Tesla, SpaceX, Skype, and now Ryder.
Louise Ivan Payawal, the co-founder and CEO of Ryder, said the substantial funding secured would be used to boost production and marketing for his company’s flagship product Ryder One, a wallet device that allows users to store and access crypto securely in seconds.
The Ryder One device
Ryder One in its box
Just imagine a physical hardware wallet that allows users to back up their wallet in under a minute, ditching the usual complicated setup required to do so. Backing up a wallet is done through a simple tap with device already shipped to thousands of customers in more than 30 countries.
“By distributing wallet backups across encrypted NFC tags and smartphones, TapSafe offers users a secure and resilient way to safeguard their digital assets,” according to Ryder.
Payawal says Ryder aims to reshape the way people interact and even perceive crypto via a simple, secure and even “enjoyable” way to go about it, and is offline by design to ensure security.
Ryder Co-Founder and CEO Louise Ivan Payawal showcasing Ryder One
“Ryder was born to change that story, to prove that crypto doesn't have to be overwhelming. No more confusion. No more complexity. Just crypto that feels as natural as sending a text, he said. The crypto startup is selling its Ryder One device for P12,330 on its website.
