Hashkey Capital and Bixin Ventures Co-Led Safeheron Pre-A+ Round
SINGAPORE, April 5, 2023 – Safeheron, the digital asset self-custody infrastructure provider, today announced it has secured a Pre-A+ fundraising round led by Hashkey Capital and Bixin Ventures. It follows a US$7M Pre-A round announced last August led by Yunqi Partners and Web3Vision, and precedes a Series A currently under ongoing discussions.
Safeheron specializes in comprehensive self-custody solutions for institutional customers, utilizing Multi-Party Computation (MPC) and Trusted Execution Environment (TEE) technology. This facilitates the use of multiple devices or validators for the approval or signing of a transaction and further eliminates the chance of private keys being centralized and requiring validation with only one device, one key, or one person, which can be its single point of failure. An MPC solution with TEE thus enables multiple asset managers to manage all fund flows together via distributed key shards.
The MPC wallet space is currently experiencing a surge in usage and integration among enterprise clients seeking highly secure Web3 self-custody solutions. For example, Coinbase recently announced its own move into the space, and Alibaba Cloud has partnered with Safeheron on MPC tech. As the blockchain industry matures and attracts more mainstream players, MPC is set to be a priority among professional institutional clients seeking secure infrastructure.
Safeheron operates at the forefront of this battle to secure user funds in Web3. The Pre-A+ investment will be used to advance engineering and science R&D, including novel MPC algorithms, TEE hardware isolation, and new enterprise-grade solutions to meet clients’ evolving security needs.
“Since our founding, Safeheron has been dedicated to building next-generation, open-source, transparent and decentralized custody infrastructure for digital assets. Our priority is to facilitate highly secure, reliable, and cost-efficient asset management solutions for Web3 users. This fresh round of fundraising will increase our capacity for innovation, research, and development in the high-growth MPC space, as we advance that goal,” said Safeheron CEO and Founder Wade Wang.
“At Hashkey Capital, we’re empowering blockchain engineers shaping the open economy. With Safeheron’s truly innovative self-custody solutions, we see our new portfolio company as a vital player in the evolution of the Web3 ecosystem,” said Yang (Sunny) He, Investment Director at Hashkey Capital.
“Safeheron provides vital infrastructure for the open finance ecosystem, with crucial technical products that advance the blockchain industry as a whole. We expect MPC to continue as a high-growth area in web3 space,” said Wangxi, Partner at Bixin Ventures.
Amid this growth in institutional interest adoption of MPC, Safeheron has been expanding its own roll call of enterprise partners. We announced our strategic partnership with MetaMask last August, and since then has also added names like Rong360, DTC, Advance.AI, ZING, ABCDE Capital, and BitMart to that list.
Earlier this year, Alibaba Cloud and Safeheron reached intent on cooperation. “Alibaba Cloud will provide robust, secure and high-performance technology platforms and intelligence tools for Web3 developers,” said Leo Liu, General Manager of Hong Kong SAR, Macau SAR and Philippines at Alibaba Cloud Intelligence, in the March 17 release announcing the partnership. With Web2 giants such as this joining the foray into Web3, and MPC specifically, this rising mainstream adoption will be a boon for blockchain infrastructure providers.
Alibaba Cloud is expanding into blockchain node and storage services, and Safeheron’s MPC-TEE security products and infrastructure will be integrated into Alibaba Cloud’s security tools.
Since its last fundraising round, Safeheron has launched a Web3 product suite, passed ISO 27001 annual audit, maintaining industry-leading security standards, and expanded into new markets such as Singapore, Japan, Hong Kong and the Middle East.
Safeheron also recently brought to light a security vulnerability within certain dApps such as dYdX, and will soon release its open-source MPC-ECDSA protocol to help patch the vulnerability as it relates to MPC wallets.
Established in 2019, Safeheron is a Singapore-based open-source digital asset self-custody service platform. Utilizing secure Multi-Party Computation (MPC) and Trusted Execution Environment (TEE) technology, Safeheron provides comprehensive self-custody solutions for institutional customers. Safeheron’s solutions ensure that customers have complete control over their private keys and assets, while also enhancing security and efficiency. As a company, Safeheron is dedicated to becoming the premier self-custody security infrastructure for digital assets in the industry.