YZi Labs Invests in OneKey to Enhance Global Crypto Security with Affordable Self-Custody Solutions

Key Points:

• OneKey develops open-source hardware wallets that address rising risks in crypto asset management, serving both retail and institutional users seeking secure self-custody.
• This investment highlights YZi Labs’ commitment to gateway solutions that make web3 entry safer and more accessible for users worldwide.

YZi Labs announced its investment in OneKey (X: @OneKeyHQ), an open-source hardware wallet focused on enhancing crypto security and enabling self-custody for users globally. 

Crypto asset security remains a critical challenge, with 2024 losses from hacks and scams exceeding $2.2 billion due to vulnerabilities in online storage and poorly decoded transactions. OneKey addresses these risks by offering affordable, open-source hardware wallets paired with on-chain protections, catering to both retail users and institutions seeking decentralized asset management.

Founded in 2019, OneKey now has 60 employees across China, Japan, South Korea, Dubai, and Italy. The company has achieved an 11x increase in secured user asset value over the past three years, alongside a 300% average annual growth in hardware wallet sales. Its multilingual support and intuitive UI have earned it strong brand recognition in Asia (notably among Chinese-speaking users, per WeChat Index), European markets, Australia, and Brazil.

Following the launch of its USDC-based Earn module, OneKey saw over $62 million subscribed in a short period, signaling its growing appeal to high-net-worth users. “We’re becoming an on-chain private wealth desk for whales,” Yishi Wang (X: @ohyishi), Founder and CEO of OneKey, joked. Looking ahead, Yishi sees significant potential in on-chain yield, starting with protocol incentives and LST rewards, with plans to explore structured products.

The investment will support OneKey’s efforts to develop next-generation hardware, improve its on-chain threat detection and contract parsing capabilities, and expand compliance and user growth initiatives in markets like the U.S., Europe, and emerging regions. The team, including alumni from ByteDance, DJI, and OPPO, will strengthen wallet security through its OneKey Anzen lab, which tests and breaks hardware wallets for research, while fostering a developer ecosystem to drive product development.

Nicola Wang, Investment Director at YZi Labs, commented, “Yishi is an exceptionally detail-oriented founder & product builder. We’re deeply impressed by the team’s execution, focus on quality, and their openness to the community. We’ll continue to support gateway products like OneKey that empower users to take control of their assets with confidence and security, driving broader adoption and trust in web3.”

“At OneKey, we believe true crypto adoption starts with universal access to self-custody,” said Yishi Wang, Founder and CEO of OneKey. “This funding enables us to keep building an open, verifiable, and future-proof security stack. We’ll continue to prioritize asset protection and make institutional-grade security accessible to every crypto citizen.”

About YZi Labs

YZi Labs manages over $10 billion assets globally. Our investment philosophy emphasizes impact first—we believe that meaningful returns will naturally follow. We invest in ventures at every stage, prioritizing those with solid fundamentals in Web3, AI, and healthcare.

YZi Labs’ portfolio covers over 300 projects from over 25 countries across six continents. More than 65 of YZi Labs’ portfolio companies have gone through our incubation programs. For more information, follow YZi Labs on X.

About Onekey 

Founded in 2019, OneKey is a widely used open-source hardware wallet brand that secures billions in assets for users worldwide. Its hardware and software are fully open-sourced and independently audited, offering institutional-grade security and a free companion app. OneKey’s mission is to make secure self-custody accessible to every crypto user.

Disclaimer: The information provided in this article is intended for informational purposes only and does not constitute investment advice, endorsement, analysis, or recommendations with respect to any financial instruments, investments, or issuers. This article may contain forward-looking statements which are by nature subject to risks and uncertainties. Investment in cryptocurrency and DeFi projects involves substantial risk, including the risk of complete loss. This article does not take into account the investment objectives, financial situation, or specific needs of any particular person and each individual is urged to consult their legal and financial advisors before making any investment decisions.