The enterprise wallet company Cashmere, developed by Solana, announced on August 9 that it had raised $3 million in seed funding at a $30 million valuation.
Cashmere claims that Y Combinator, Coinbase Venture, VoltCapital Project Serum, and Global Founders Capital all took part in the funding round.
For web3 startups, Cashmere is the go-to provider of Crypto wallets on the Solana blockchain. Designed to aid businesses in safely storing their crypto assets, with the added benefit of preserving those assets even in the event of a breach affecting “hot” wallets such as Solana-based Phantom or Slope.
A “hot wallet” is a digital currency wallet that can be accessed from any Internet-connected device, such as a computer, smartphone, or tablet.
The money will be used to hasten the creation of the company's CashmereWallet. It will also be used to hire more highly skilled people in preparation for the release of a high-end product later this year.
The wallet also appears to be built so that multiple signatories from different companies can manage the wallet together.
Cashmere claims that its wallet can accommodate multiple signers. According to the company, this feature makes self-custody more secure by requiring transactions to be approved by more than one wallet. This, in turn, increases the security of enterprise wallets by removing a single point of failure.
The entire Solana ecosystem was hacked last week due to a flaw in the Solana-related wallet SlopeWallet. In all, at least nine thousand addresses and six million dollars went missing.
Since more and more services are likely to begin making use of encrypted assets in the near future, user concerns about keeping their own assets secure will grow in significance.
Cashmere co-founder Shashank Khanna explained, We built Cashmere to offer Solana users institutional-grade security without having to rely on cold storage solutions.
The cold wallet is one of the most secure ways to store cryptocurrency today. The reason for this is that a cryptocurrency's value is safer in a “cold wallet,” which is a cryptocurrency wallet that is not connected to the network. Wallets come in many forms, including offline wallets and hardware wallets.
Although convenient for individuals, cold storage necessitates the use of an external drive, which presents significant operational challenges for businesses and institutions.
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