Leading cryptocurrency software company Ciphrex has managed to raise an impressive $500,000 in a new Series-A funding round, which saw heavy assistance and financial support coming from six different investors.
Co-CEO and chief operations officer Enrique Lombrozo enthusiastically states:
“We feel fantastic… We are glad to announce we’ve met our goal of raising half-a-million dollars in this initial round. We raised $300K immediately, back in October 2013, and then we raised the remaining $200K in the last few weeks. These funds will allow us to further advance, promote and expand our line of products… We are working on our business plan for the next stage and will be ready to offer a Series-B in the next few months.”
Following the recent Bitstamp hacking and other similar events, the company is placing heavy emphasis on security, and is strongly promoting mSIGNA, a new multi-sig wallet that supports offline signing, offline keychain generation, account management and multiple blockchain support among other things.
Discussing the issue of security, Lombrozo says:
“Security is the primary concern for financial transactions. Ciphrex’s platform provides a general m-of-n multisig account management architecture supporting bitcoin and other altcoins. Accounts and security policies can be configured and deployed incrementally and independently from application logic. Signing can be coordinated between multiple devices subject to custom rules… We still need more adoption of multisig as an industry.”