On Heels of FTX Collapse, Binance invests in hardware wallet maker NGRAVE in it’s strategy to promote crypto self-custody.
Image Source: Binance
Quick take:
- Binance Labs has announced a strategic investment in hardware wallet maker NGRAVE.
- The company is leading NGRAVE’s upcoming Series A fundraising.
- The investment is part of Binance’s strategy to boost crypto self-custody amid the collapse of FTX.
Binance Labs, the venture arm of the world’s largest crypto exchange platform Binance has announced a strategic investment in hard wallet maker NGRAVE. The investment is part of Binance’s strategy for ‘promoting crypto self-custody following the collapse of FTX. BInance also announced it will be leading NGRAVE’s upcoming Series A fundraising.
NGRAVE describes its product as a first-of-its-kind crypto self-custody solution with “a connectionless and highest security certified (EAL7) hardware wallet, ZERO, and an encrypted and recoverable key backup, GRAPHENE.”
NGRAVE is a decentralised digital asset security service provider focused on developing maximum crypto security products that are easy to use. The company’s range of services includes creating security keys to providing recovery services for lost private keys.
NGRAVE’s 3-tier security suite combines the connectionless hardware touch-screen wallet ZERO with LIQUID, a mobile app that connects users to the blockchain in real-time and GRAPHENE, a recoverable backup made of stainless steel that ensures users never lose their keys.
Commenting on the strategic investment, Yi He, Co-Founder of Binance and Head of Binance Labs, said: “Security remains one of the biggest hurdles for crypto adoption. Self-custodial wallets are one of the most secure methods for storing digital assets and through our investment in NGRAVE, we are looking to continue backing innovative startups that enhance user security.”
On the other hand, Ruben Merre, Co-founder and CEO of NGRAVE commented: “We take a real end-to-end view on how users can protect their crypto. For example, when looking into existing key creation processes, we realized there were serious security gaps. So we reinvented the way keys are generated and also overcame the limitations of today’s widely used mnemonic wallets.”
The two companies are trying to make crypto investing safe for everyone amid the current turmoil caused by the collapse of FTX.
“As the world of crypto continues to evolve, we are excited to build together with and alongside Binance Labs to give us all that peace of mind,” Merre added.
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