Safeheron Announces US$7M Pre-A Funding, Partnership with MetaMask

Safeheron Announces US$7M Pre-A Funding, Partnership with MetaMask
23 August 2022

Safeheron, an open-source, zero-trust one-stop self-custody solution for Web 3 small-medium enterprises (SMEs), has raised US$7M in Pre-A funding round co-led by Yunqi Partners and Web3Vision, with participation from PrimeBlock Ventures, M77 Ventures, ShataCapital, Kryptos, Antalpha Ventures, Waterdrip Capital, 7 O’CLOCK CAPITAL and Rokid’s Founder Misa Zhu.

In conjunction with the investment, Safeheron is also announcing its strategic partnership with MetaMask to integrate enterprise-grade MPC multisignature security solutions through devices and applications supporting MetaMask Snaps, MetaMask’s browser extension, MetaMask mobile, and the Keystone hardware wallet.

Safeheron’s security solutions lower the barriers to entry for SMEs to adopt institutional-grade crypto custody security, enabling multi-party management of crypto assets for improved security for retail users. The first to be self-developed in Asia, Safeheron’s proprietary institutional-grade security model is unique as it combines a multi-party computation (MPC) technology with a Trusted Execution Environment (TEE). This enables multiple asset managers to sign transactions independently with their private key shards, which will then be checked and validated together inthe TEE. Safeheron’s system is open-source and its source code can be readily audited.

The funding comes at a time when loss from security vulnerabilities amount to billions of dollars stemming from vulnerable multisignature security solutions. Case in point, the US$280 stolen from KuCoin, and US$650M from Axie Infinity’s Ronin Bridge. On a mission to offer accessible security solutions for all businesses, Safeheron is filling an unmet need, namely the growing demand among SMEs who currently have few options for truly secure crypto custody solutions.

Safeheron’s products include an institutional-grade MPC wallet that supports multiple cloud nodes, chip-level hardware isolation, secure co-management of assets, and keyshard refreshing, which permits the use of a private key shards so that the original private key is never exposed and eliminates an otherwise single point of failure. The wallet also enables clients to support multisignature on 99% of mainstream blockchain protocols – not just BTC, ETH and Solana – while also offering affordable tiered pricing from freemium to paid options. For a more customized security offering – notably used in its partnership with MetaMask – Safeheron also offers a private custody solution.

Partnership with MetaMask

Safeheron’s MPC technology is customized for MetaMask and first integrated through MetaMask’s exciting new Snaps system. With this solution, end-users can enjoy an additional layer of protection. This means, instead of signing a transaction with just one device or application – like the MetaMask mobile wallet – users can sign transactions using two or three supported verification devices and applications. Supported devices and applications include the Keystone hardware wallet, MetaMask’s desktop extension, and MetaMask mobile.

“We’ve spent years developing our radically complex open-source, zero-trust MPC-TEE security solution in-house, which until today is a first in Asia. The US$7M in Pre-A funding will give Safeheron the ability to scale our technology and services to more clients this year,” Wade Wang, CEO and Founder of Safeheron, said.

Blockhead Team
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