Binance Labs invests in self-custodial hardware wallet startup NGRAVE
Binance Labs, the venture capital arm of the world’s largest cryptocurrency exchange Binance, has announced its strategic investment in NGRAVE, the Belgian Web3 crypto security service provider. The size of the investment was not disclosed, but Binance Labs will lead the startup’s Series A funding round which is set to be announced anytime from now. Binance Labs’ investment in NGRAVE is well thought out and will support the expansion of one of the top cryptocurrency custody solution providers in the digital currency ecosystem.
“Security remains one of the biggest obstacles to cryptocurrency adoption. Self-guarding wallets are one of the most secure ways to store digital assets and with our investment in NGRAVE, we look forward to continuing to support innovative startups that enhance user security.” states ye heeCo-Founder of Binance and Head of Binance Labs.
NGRAVE Founded in 2018 and so far, the startup has provided three unique security offerings for users in the crypto world to protect their assets. One of its proprietary products is ZERO, which is a highly secure and durable hardware wallet. DEVICE ZERO IS OFFLINE AND IS A TOUCH SCREEN DEVICE.
Besides Zero, NGRAVE also designed LIQUID app, which connects its wallet users to the blockchain in real time. In addition, NGRAVE first launched GRAPHENE, an encrypted and recoverable stainless steel backup that ensures users never lose their keys. GRAPHENE’s role in the NGRAVE ecosystem will be absolutely indispensable as the hassle with losing private keys in self-blocking cases is one major reason why most users avoid this alternative mode of storing their crypto assets.
The partnership between Binance and NGRAVE can best be positioned as a way for industry leaders to learn from its own implosion FTX and preparing the general public for cryptocurrency to prevent such events from occurring in the future.
One way the duo is doing this is by encouraging the emergence of self-booking solutions one of which can be augmented with NGRAVE’s trio of guardianship products.
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