OneKey Secures Series B Funding at $150M Valuation, Led by YZi Labs

Imagine this: a $100 hardware device safeguarding billions of dollars in crypto assets. This isn't science fiction. It's what OneKey does every single day.

And today, this vision just received its biggest validation yet.

OneKey has completed its Series B funding round, reaching a $150 million valuation.

This round was led by YZi Labs (formerly Binance Labs), marking their most significant investment in the hardware wallet space. The vision and support of our previous lead investors, including Dragonfly, Ribbit Capital, and Coinbase Ventures, laid a solid foundation for this round's success.

But for us, this is more than just a funding round. It's an endorsement of our six-year commitment to the open-source philosophy and our mission to:

"bring institutional-grade security to everyone."

---

The Story Behind the Numbers

In 2024-2025, the crypto industry is at a pivotal turning point, making verifiable security more crucial than ever:

• 🚨 Escalating Security Threats: In 2024 alone, losses from hacks on centralized platforms and wallets have exceeded $2 billion.
• ⚖️ Regulatory Push for Self-Custody: As global regulations tighten, "Not your keys, not your coins" is evolving from a slogan into a necessity.
• 🏢 Institutional Influx: With the approval of Bitcoin ETFs, institutional-grade security has become the industry standard.

In this context, OneKey chose the most transparent path from day one: 100% open source.

As our CEO, Yishi Wang, shares: "We have been fully open-source from day one. We are confident in our code—it's the foundation of community trust. In an industry fraught with uncertainty, transparency is the best guarantee."

This isn't just philosophy—it's proven strategy. Three years of relentless focus on transparency and security have delivered remarkable results:

OneKey - A 3-Year Growth Story

As a lean team of just 60 people, we have built our reputation on a foundation of fully open-source code, battle-tested security, and a pragmatic product philosophy. This approach has earned us the deep trust and exclusive partnership of the world's top four exchanges—Binance, OKX, Bybit, and Bitget. Today, we proudly stand as the only hardware wallet brand globally that is both adopted for full-team use and co-branded by all four of these industry leaders, showcasing our unmatched security and product value.

OneKey partners with leading exchanges including Binance, OKX, Bybit, and Bitget.

But why does this transparency matter so much in practice? Let me share a story that perfectly illustrates the life-or-death importance of getting security right.

---

Security First: The OneKey Difference

When you hear about an exchange losing $1.5 billion due to a simple parsing error, the importance of proper security becomes crystal clear.

When $1.5 Billion Vanished in One Click

Cavin shares a $1.5B security case.

At a recent security tech conference, our sales teammate, Cavin, shared a shocking case:

A major exchange's hardware wallet couldn't correctly parse a Safe contract call, displaying only a jumble of unreadable code on the screen. The operator, assuming it was a routine transaction, clicked confirm. The result? $1.5 billion gone in an instant.

And if they had used OneKey?

• 🔍 The transaction details would have been fully parsed and displayed in a human-readable format.
• 📑 The contract call structure would be crystal clear, with every parameter visible.
• ⚠️ Potential risks would be automatically flagged, making accidental confirmation impossible.

This isn't luck. It's the result of years of dedicated work on contract parsing and interaction security. A OneKey device, costing just over $100, provides protection that can prevent billion-dollar losses.

For crypto newcomers, the phrase "manage your private keys" can be intimidating. But when billion-dollar mistakes happen with a single click, that intimidation turns into necessity. Whether you're using Bitcoin, Ethereum, Tron, or Solana, the pain of private key management is real—but the cost of getting it wrong is far worse.

You do the math on that ROI.

The Power of Complete Transparency

How do we achieve this level of protection? The answer lies in our foundational commitment to complete transparency.

Imagine buying a lock to protect your assets, but the manufacturer says, "Trust us, this lock is secure, but you can't see its internal mechanism." Would you feel safe?

That's the reality for most hardware wallets. OneKey is different:

• 💻 Every single line of code is public on GitHub.
• ✅ Anyone can audit, verify, and even reproduce our firmware.
• 🚀 Our GitHub activity surpasses that of many well-known software companies.
• 🧑‍💻 Community contributors can directly participate in improving the product.

OneKey's Github Status

"In the crypto world, 'Don't trust, verify' isn't a slogan; it's a survival rule," emphasizes Yishi.

"Closed source is like saying, 'Trust me, bro'—and this industry has already paid too high a price for blind trust."

This radical approach has won us the confidence of the most discerning users: the security teams of top exchanges. When security experts at Binance and OKX can review our code line by line, verification becomes a mathematical certainty.

---

From Hong Kong to São Paulo: OneKey's Global Journey

"Our teams are spread across Hong Kong, Shenzhen, Japan, South Korea, Dubai, Italy... Life would be much simpler if we were just another remote Web3 project. But building a true hardware fintech company? That's a whole different ball game," shares Yishi Wang, CEO of OneKey.

This is the daily reality at OneKey. Managing a team that spans continents, navigates complex supply chains, and serves a diverse global market demands immense coordination and flawless execution. It's this daily mastery of complexity that has built OneKey's formidable moat—one that's nearly impossible to replicate. The company's footprint isn't just on a map; it's deeply embedded in the world's most vibrant crypto hubs.

🇩🇪 Germany: Our Fastest-Growing Core Market

The German-speaking region is the ultimate proving ground for our product's quality. Today, it stands as one of our largest and fastest-growing core markets globally.

"The volume and technical depth of the feedback from our German users is staggering," recalls the product team.

"We receive detailed usage reports from Germany every day. They don't just use the product—they offer incredibly professional suggestions for improvement."

This rigorous "quality control" from our user base spurred us to rapidly implement comprehensive German language support. In return, and to honor their commitment, we have made the German market a strategic priority.

OneKey at German Blockchain & AI Week.

To reaffirm our long-term dedication and strengthen our ties with the community, OneKey was proud to be a prominent presence at the recent German Blockchain & AI Week.

🇧🇷 The Brazilian Phenomenon: The Power of Community-Led Growth

Feedback from the Brazilian community.

If our success in Germany was built on technical depth, our breakthrough in Brazil showcases the incredible power of community.

"We spent zero dollars on marketing in Brazil," shares Mildred, our Chief Sales Officer. “Then, out of nowhere, the country's most influential crypto thought leaders started recommending OneKey organically. Even local OTC desks began reaching out to become distributors.”

After digging in, the reason became clear: When your product genuinely solves a user's pain points, your customers become your most powerful marketing engine.

Beyond Storage: The DeFi Evolution

Our global users consistently pointed toward one clear direction: security is the foundation, but they want their secured assets to be productive too.

From Security to Productivity

When we launched the Earn feature, we were actually quite nervous. After all, getting hardware wallet users to participate in DeFi sounds contradictory—one pursues ultimate security, the other embraces financial innovation.

The result? Over $62 million in USDC poured in within just a few weeks.

"We've basically become the on-chain private bank for crypto whales," Yishi says with a smile. "In the crypto world, only two types of players can truly capture value—those who issue tokens and those who facilitate asset flow. We chose the latter."

The Future of Self-Sovereign Finance

But this is just the beginning. Our roadmap extends far beyond basic yield farming:

• 1️⃣ Phase 1 (Current): Securely access basic DeFi yields.
  • Partner with audited protocols like Morpho.
  • One-click operations with hardware-level security protection.
• 2️⃣ Phase 2 (In Development): Smart structured products.
  • Drawing inspiration from Pendle's innovations but solving its liquidity issues.
  • Automatically matching users with different risk appetites.
• 🔮 Ultimate Vision: Redefine "private banking."
  • Not traditional wealth management, but true self-sovereignty.
  • Leveraging DeFi's composability to create products unimaginable in TradFi.

"Imagine," Yishi describes, "your hardware wallet not only protects your assets but also helps you optimize yields, hedge risks, and even participate in on-chain governance—all while you maintain full control of your private keys."

This vision represents OneKey's evolution: from the most secure wallet to a complete self-sovereign finance platform.

---

Building for the Long Term

But building products this ambitious requires more than vision—it demands an exceptional team and an unwavering commitment to long-term thinking.

The People and Philosophy Behind OneKey

OneKey CTO, CEO, and COO pictured with CZ.

"If you still don't know how to use Cursor or MCP by 2025, don't bother applying to OneKey."

When Yishi posted this hiring requirement on X, the comments section exploded. Some called him crazy, others said it was discriminatory.

But he stands his ground: "Look at DeepSeek—a handful of people built a model that shook the world. A $1.5 million annual salary for them wouldn't be excessive. Their per-capita output is an order of magnitude higher than Pinduoduo's! AI has completely changed the game. The same tools are different weapons in different hands."

This isn't just about technical skills—it's about finding people who share our obsession with excellence. Take our Chief Growth Officer, Niq Chen. This Gen Z executive was once a well-known NFT collector who has been through two full bull-bear cycles.

NFT Artwork by Niq Chen

"Hypes come and go, but what truly lasts are the products that create enduring value," he says. "That's why I joined OneKey."

This philosophy resonates throughout our team. We've attracted talent from ByteDance, DJI, and OPPO—all leaders in their respective fields. More uniquely, we've established OneKey Anzen, an internal security team dedicated to "attacking" our own products.

"The best defense is a good offense," explains the head of security. "We try to hack OneKey every day. If we can't break it, hackers have even less of a chance."

But what really unites this diverse group isn't just skill—it's a shared belief in doing things the right way, not the easy way. As Yishi explained in an internal Slack message:

"Obsessing over competitors will make you lose sight of what users really need. Don't get lost in the details, don't be moved by your own hard work. If the direction is wrong, the faster you run, the faster you die."

"I'm not building a team of employees," he adds, "but a group of maniacs who genuinely believe they are changing the world. They aren't optimizing quarterly reports; they are building the products they themselves want to use."

On Yishi's Hong Kong desk, a golden frog from Ribbit Capital watches silently—another testament to a belief in long-term value.

This culture of principled obsession explains why a former NFT collector becomes our growth expert, why security engineers attack their own products, and why we maintain 100% open source despite competitive pressures. It's not about following playbooks—it's about finding the right people and empowering them to do their best work.

The Faith of a Long-Term Player

In an industry dominated by FOMO and FUD, OneKey has chosen a seemingly "boring" path.

We don't chase trends, we don't issue a coin, and we don't engage in DeFi yield farming. We just improve our product day by day, optimize our code line by line, and respond to user feedback one by one.

"Many people ask me why I don't just launch a coin while the market is hot," says Yishi. "But building the iPhone of the crypto world requires discipline, not hype. People leave every cycle, but we're still here."

Because in this industry, credibility is everything.

When you convert your life savings into a string of private keys, you don't need marketing slogans; you need real security guarantees. This guarantee can't come from a "trust us" promise, but only from completely transparent code and a battle-tested product.

This long-term thinking shapes everything we do—including how we define success. For us, it's not about market cap or token prices. It's about a simple but powerful vision:

A $99 hardware device + a free app = a $100 million institutional-grade security solution.

This isn't a marketing tagline; it's the direction we strive for every day. To enable everyone—from the absolute beginner to funds managing hundreds of millions—to enjoy the same level of security.

Because in our view, security shouldn't be a luxury, but a fundamental right for every crypto citizen.

This is what drives us through every cycle, every challenge, every opportunity to take shortcuts. We're not building for the next quarter—we're building the infrastructure that will still matter in the next decade.

---

Join Our Journey

This funding round isn't the finish line; it's a new starting point.

The crypto world needs better infrastructure. It needs products that prioritize security over hype, transparency over promises, and user needs over trends.

If you believe in building the future of self-sovereign finance, we invite you to join OneKey's journey. Whether as a user, a developer, or a partner.

Because the real revolution isn't about shouting slogans—it's about changing users' lives, one secure transaction at a time.

Start your secure self-custody journey now: onekey.so

P.S. Remember, Not your keys, not your coins. But with OneKey, your keys are truly yours.