Foundation raises $6.4M to expand beyond Bitcoin wallets

Bitcoin hardware wallet maker Foundation has raised $6.4 million in new funding led by Fulgur Ventures as it pushes beyond self-custody into identity, authentication and AI agent authorization.

Bitcoin (BTC) hardware wallet manufacturer Foundation has closed a $6.4 million funding round led by Fulgur Ventures, with participation from Arche Capital and other investors, as the company looks to expand from self-custody into broader digital security use cases including identity, multi-factor authentication and AI agent authorization. The company said the financing brings total funding to $16.5 million, though it did not disclose its valuation or the round structure.

The raise lands alongside the broader commercial rollout of Foundation’s new flagship device, Passport Prime, which the company says is now available for general sale. On its website, Foundation describes Passport Prime as “the world’s first Human Authority Hardware™” and says it is designed to secure “Bitcoin, 2FA codes, security keys, encrypted files, and KeyOS apps on one secure device.”

Foundation’s pitch is that dedicated hardware should become the approval layer for a user’s digital life, not just their crypto. “Nothing happens without your approval,” the company says, framing Passport Prime as a device for holding and verifying critical actions rather than relying on a smartphone built primarily for convenience.

From self-custody to digital authorization

Passport Prime combines several functions that previously sat across multiple products. Foundation says the device integrates a Bitcoin hardware wallet, FIDO security key functionality, storage for two-factor authentication codes, encrypted file storage and support for sandboxed apps through its KeyOS operating system.

The hardware also includes 50 GB of encrypted storage, according to product details cited by Bitcoin Magazine, which reported that the device is priced at $299. Foundation’s own website currently lists Passport Prime at AED 1,301 including taxes, which converts to roughly $354 at recent exchange rates, though pricing may vary by region.

Foundation says KeyOS is a microkernel operating system written in Rust, with apps running in isolated sandboxes while master keys stay protected on dedicated hardware. The company also says Passport Prime includes “QuantumLink,” an encrypted Bluetooth system using a separate chip to provide wireless connectivity without exposing sensitive secrets.

KeyOS ecosystem push

The funding is also meant to expand the scope of KeyOS, Foundation’s software platform for developers building apps that run on Passport Prime. Foundation plans to launch a KeyOS app store by the end of the second quarter, opening the device to third-party applications that can extend it beyond Bitcoin custody into broader security and authorization workflows.

One of the first partners expected on the platform is Cake Wallet, the privacy-focused crypto wallet app. Bitcoin Magazine said Cake Wallet is set to become the first third-party KeyOS app deployed to Passport Prime, giving the device an early external software use case as Foundation tries to build a broader ecosystem around secure hardware.

The strategy reflects a wider trend in crypto hardware and infrastructure, where companies are trying to move beyond single-purpose wallets into more expansive security stacks. Recent crypto.news coverage of self-custody, hardware wallet competition, and AI-agent security has tracked how firms are repositioning devices as authorization tools for a more automated internet.

Fulgur Ventures, Foundation’s lead investor, has increasingly backed Bitcoin-native infrastructure plays, including companies focused on self-custody and financial rails. For Foundation, the bet is straightforward: if the next phase of digital security revolves around proving that a real human approved an action, then the wallet becomes something bigger than a wallet.