Key Notes
- OneKey secured a $150 million valuation in a Series B funding round led by YZi Labs.
- The funding will accelerate the development of advanced wallet hardware and on-chain security tools.
- The move comes as crypto losses from hacks and scams surpassed $2.2 billion in 2024.
Crypto hardware wallet OneKey has successfully completed its Series B funding round, securing a $150 million valuation. The round was led by YZi Labs, formerly known as Binance Labs, marking a strategic investment in the rapidly growing sector.
According to the announcement shared on X, the funding supports OneKey’s ambition to make crypto self-custody both accessible and secure on a global scale.
Founded in 2019, OneKey is known in the hardware wallet sector for its transparency and dedication to user-first security. The company is already backed by major players such as Coinbase Ventures, which participated in OneKey’s $20 million Series A in 2022.
OneKey’s Expansion Plans
OneKey wallets have seen significant traction, especially in Asia, Europe, Australia, and Brazil. It has recorded a 300% annual increase in hardware sales, as well as an 11-fold rise in the value of assets secured over the past three years.
With fresh funding in hand, OneKey plans to accelerate development on multiple fronts, starting with launching its next-generation wallet hardware. It also aims to advance its contract analysis and on-chain threat detection tools, and push compliance-driven user growth.
A quiet milestone.
YZi Labs + Coinbase Venture both back OneKey.
That’s a flex — but we won’t.
We’re not here to brag.
We’re here to earn trust, stay open-source, and keep shipping what matters.
We’re building for you. And we’re just getting started. https://t.co/lD43arLJxs
— OneKey (@OneKeyHQ) June 5, 2025
The OneKey Anzen lab, which identifies and resolves vulnerabilities by testing wallets under extreme conditions, will also be a key beneficiary of the investment.
OneKey founder and CEO, Yishi Wang, stated that the latest Series B enables his company 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,” he added.
YZi Labs’ Commitment to Safety
Binance Labs officially rebranded as YZi Labs in January 2025. This change reflects the firm’s expanded vision, moving beyond just crypto-focused investments to explore emerging areas.
With the rebrand, YZi Labs now operates as the family office of Binance co-founders Yi He and Changpeng Zhao.
YZi Labs’ recent investment in a hardware wallet company comes as the demand for secure crypto storage continues to grow. In 2024 alone, over $2.2 billion was lost to hacks and scams, largely due to weak security in centralized exchanges and online wallets.
“This investment highlights YZi Labs’ commitment to gateway solutions that make Web3 entry safer and more accessible for users worldwide,” the announcement reads.
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