Quick Facts
Foundation Products
- Passport
Company Vitals
Founders: Zach Herbert and Ken Carpenter
Year Created: 2020
Headquartered: Boston, Massachusetts
Company Overview
Foundation Devices, Inc. is a Boston-based firm that specializes in the development and manufacturing of Bitcoin hardware wallets and related software. Their flagship product is the Passport, a Bitcoin hardware wallet that is designed to be “truly air gapped,” ensuring a high level of security by relying on QR codes for communication, which helps to minimize the risks associated with common connection systems such as the internet or Bluetooth. The Passport is designed with a focus on security and user experience, featuring a color display and a rechargeable battery. It is notable for being manufactured in the U.S. and for its open-source firmware, which can be found on programming site GitHub. The company also offers a companion app, Envoy, which serves as a mobile interface for the Passport, facilitating a more seamless user experience for setting up and updating the wallet.
Foundation Devices emphasizes the importance of self-custody solutions, especially in the context of growing interest in Bitcoin and cryptocurrencies. Their products, including both hardware and software wallets, aim to provide users with the ability to securely store and manage their digital assets without relying on third-party custodians. The company raised $7 million in a seed funding round in 2022 to further develop its product offerings and expand its market presence.
Security Incidents
- Given its short life, no security issues have been reported for Foundation. However, there has been some criticism in the bitcoin community that Foundation forked and copied code for the Coinkite Cold Card. Some bitcoiners felt building the Passport wallet with Cold Card firmware was unethical.
Big Brother Government Influence
Foundation doesn’t require any KYC/AML for its Passport hardware wallet. This appears to fall in line with CEO Zach Herbert’s skepticism of government regulation and privacy.