Despite the downturn in the crypto market, Cashmere managed to close $3 million in funding at a company valuation of more than $30 million. A number of popular crypto venture-capital firms, like Coinbase Ventures and FBG Capital among others, participated in the funding round.
Cashmere helps users store their crypto securely. It protects cryptocurrencies even after hot wallets like Slope and Phantom are compromised. Basically, Cashmere offers enterprise wallet management for users on the Solana blockchain network.
Shashank Khanna, the Cashmere co-founder, said they built the platform to offer Solana users institutional-grade security without having to rely on cold storage solutions. After its launch six months ago, Cashmere saw big-name startups like NFT marketplace OpenSea organically sign up for their product. Cashmere has a different approach from cold storage, although more secure than hot wallets, it is impractical for businesses and institutional players. Firms can utilize multi-signature signing to control their company wallets. As such, it offers a safer self-custody option and removes a single point of failure.
Charlotte McGinn, the Cashmere co-founder, revealed that the company is planning to hire more engineers. It wants to bring an institutional-grade product to the market later this year. McGinn highlighted that crypto began as a space of highly technical people who are comfortable with encryption and hardware wallets. But there is a huge unmet need for security solutions for less technical people.