Theya: World's simplest Bitcoin multi-sig, self-custody app

Tl:dr

Theya is the world’s simplest Bitcoin self-custody app for whole-coiners (users with >1BTC) who find crypto exchanges risky and hardware wallets overwhelming. We simplify the self-custody UX through our multi-device, multi-sig wallet that users can set up using smartphones, giving you the functionality and convenience of centralized exchanges without sacrificing control and security of hardware wallets.

Team

Vikas, Sriram and Smeet have extensive background in founding and scaling tech companies and crypto platforms over the past 10 years. Founders have been friends for over 15 years.

Vikas was previously the co-founder and CTO of Porter, India’s largest intra-city logistics marketplace that does over $220M in annual revenue. He raised over $150M from Sequoia Capital and Tiger Global during his 7 years at Porter. While studying at Stanford, Vikas founded an ML-driven real estate fund that has invested over $30M.

Sriram has led crypto engineering teams at Robinhood, FalconX and GameStop Blockchain. He built crypto custody infra and led the development of self-custody wallets for Robinhood and GameStop. He started his career at Google and has over 10 years of experience building consumer apps. Sriram graduated with Bachelors in Computer Science from IIT Bombay.

Smeet has led marketing and go-to-market teams at multiple early-stage startups. Prior to Theya, he was the first business hire at Prodigal (YC S18). He started his career at Deutsche Bank and has 8+ years of experience trading macro assets like FX, Bonds, Equities and believes that long Bitcoin is the most important trade of the 2020s.

Problem:

The protection of your wealth and trust is paramount, which is why we exist. The reality is that centralized crypto platforms like FTX, Celsius, and Voyager have failed to ensure the safety of their users' Bitcoin. More recently, there are renewed concerns about Binance.

As the saying goes, "not your keys, not your Bitcoin" and this is more true now than ever before. Every user who stores Bitcoin on popular crypto exchanges faces severe counterparty risks, including:

Credit Risk: If your crypto exchange was to go bankrupt (like FTX) or suffer a catastrophic event, your Bitcoin stored there is certainly at risk.

Regulatory Risk: Any change in laws or regulations, crypto exchanges may be forced to freeze or confiscate your Bitcoin.

Cybersecurity Risk: While centralized exchanges invest in security measures, they are prime targets for cyber attacks. Successful hackers can steal users’ Bitcoin from hot wallets.

Self-custody hardware wallets are a solution, but they come with their own set of challenges. They have a messy user experience, and users are responsible for managing their own setup, security, and backup keys. Furthermore, they represent a single point of failure. These risks make it crucial to prioritize the protection of your Bitcoin, and we are here to help you do just that.

Solution:

Our multisig wallet is like a digital safe where you need multiple keys to unlock it. For example, our 2-of-3 multi-sig wallet requires two out of three keys to approve a transaction before the Bitcoin can be spent.

Customers will always hold the two keys necessary to approve transactions. Theya holds the third key that can only be used for recovery if you misplace one of your keys, but it can never be used to transfer funds on its own.

Theya is simplifying the self-custody experience through a mobile-first multisig wallet that families can set up using iPhones and Apple Watches. We also support other devices such as NFC cards, hardware wallets, and more that can be used as your additional keys if desired. We make your Bitcoin resilient to phishing and hacking and you retain control of your Bitcoin wealth even if we fail without notice.

Ask

1. If you currently hold Bitcoin on centralized exchanges like Coinbase, Binance, Robinhood, Kraken, Gemini etc. you should definitely consider taking self-custody. Hit us up for a free trial to the simplest Bitcoin self-custody app ever.
2. Reach out if you are curious to learn about Theya, Bitcoin and the ongoing global banking crisis, feel free to reach out.