A Hong Kong-based crypto hardware wallet maker has raised around $20 million in a Series A funding round.

OneKey announced on Twitter that the funding round was handled by Dragonfly and Ribbit Capital. Other participants included Coinbase Ventures, Framework Ventures, Sky9 Capital, Folius Ventures, and Ethereal Ventures. While angel investors including Santiago Santos and Feng Liu also backed the round.

“We are delighted to announce that OneKey has closed an approximately $20 million Series A round led by @dragonfly_xyz and @RibbitCapital, followed by @hiFramework, @Sky9Capital, @FoliusVentures, @etherealvc, @coinbase, @santiagoroel, and @fishkiller,” OneKey Senior Contributor Yishi Wang tweeted.

Along with the Series A funding, OneKey also closed a “small funding” round with fellow IOSG Ventures participants, according to a tweet from Wang.

“One more thing, we are super excited to announce that after series A, we have also closed a new round of small funds with the participation of @IOSGVC for an unspecified amount,” he tweeted.

OneKey claims that its code is open source. According to the crypto hardware wallet firm, if a crypto wallet does not work openly, it could hide a backdoor that could compromise the security of customer assets.

“OneKey is, to date, the only hardware wallet in the world that is 100% open source and uses a certified secure chip,” read another tweet from Wang today.

The company believes that it is the number one hardware wallet in the Eastern Hemisphere since its founding in 2020. According to Wang, OneKey has taken custody of billions of dollars worth of crypto assets. He also believes that the company continues to grow rapidly without “incomplete third-party statistics.”

Wang also revealed, citing data from orders submitted by the company, that OneKey’s devices are being used by rival wallet maker Ledger and crypto firms Alchemy and Infura.

There are currently around 30 people working for OneKey and the wallet maker has no plans to increase that number. “OneKey is very conscious of controlling the rate of consumption and prioritizing long-term profitability,” Wang said, adding that the firm currently has no plans for a native token.

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