Formerly known as Binance Labs, YZi Labs issued a new investment announcement in OneKey to bolster global efforts in crypto asset custody.
Established by Yishi Wang in 2019, OneKey offers open-source hardware wallets for the self-custody of digital assets.
The firm has 60 professionals working across China, Japan, South Korea, Dubai, and Italy and specializes in user-friendly solutions.
OneKey has experienced tremendous growth, even though sales of hardware wallets increased 300% year-on-year over the last three years. In this period, it secured user assets worth eleven times more than in previous years.
Its wallets became popular in Asia, Europe, Australia, and Brazil because of multilingual support and a simple design. OneKey also attracted high-net-worth investors through its USDC-based Earn feature, which received $62 million shortly after its release.
YZi Labs’ investment will help OneKey improve next-generation hardware and build stronger on-chain threat detection tools. These efforts focus on expanding user protection by detecting smart contract risks before losses occur.
With over $2.2 billion in crypto lost to scams in 2024, secure hardware wallets like OneKey’s are becoming increasingly important to users worldwide.
Supporting developers with advanced Crypto security tools
The firm will further stretch its global footprint by concentrating on adherence and clientele growth in the U.S., Europe, and emerging economies.
OneKey will also be there for developers while enhancing the safety of wallets through its research hub, OneKey Anzen Lab. The group comprises talents from top technology firms like ByteDance, DJI, and OPPO.
This funding is a testament to YZi Labs’ mission To invest in Web3 ventures that safeguard users while encouraging greater access.
The collaboration between YZi Labs and OneKey will result in the development of crypto storage solutions that are safe and dependable, addressing the needs of retail users as well as institutional investors across the globe.
