Binance Labs announced a strategic investment in NGRAVE, a hardware wallet maker, and will lead its upcoming Series A round.
NGRAVE is a blockchain and digital asset security company specializing in providing crypto consumers with user-friendly solutions that provide the highest levels of security, from key creation to sophisticated key recovery.
As @cz_binance said, self-custody is fundamental human right.
This is why we’re making a strategic investment in and will be leading the upcoming Series A round of @ngrave_official, a hardware wallet and the 1st complete solution for self-custody.https://t.co/ySJcHGpoIm
— Binance Labs Fund (@BinanceLabs) November 21, 2022
According to the press release, NGRAVE, a Belgian company founded in 2018, has created a 3-tier security system made of ZERO, a connectionless touch-screen hardware wallet, LIQUID, a mobile app that links users to the blockchain, and GRAPHENE, a stainless steel encrypted and recoverable backup that makes sure users never lose their keys.
Yi He, Co-Founder of Binance and Head of Binance Labs, made a comment saying:
“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.”
Binance CEO Changpeng Zhao (CZ) stated that cryptocurrency will not fade away and that his company will continue to support the industry.
CZ also recently stated his intention to build a more dependable and useful industry.
Tyler Z., Investment Director at Binance Labs, said:
“Hardware wallets are one of the most secure solutions for self-custody and digital asset storage, especially during volatile and turbulent markets. NGRAVE’s premium product suite offers smooth and intuitive user experience, coupled with structured security innovations. Binance Labs is excited to capitalize on the emerging hardware wallet sector and partner with NGRAVE to bring sophisticated wallet products to both retail and institutional users.”
Ruben Merre, co-founder and CEO of NGRAVE, also added:
“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.”
NGRAVE, the connectionless hardware wallet with the highest security certification (EAL7), provides the first complete solution for self-surveillance.
Early in November, Binance and Ledger, a manufacturer of hardware wallets, partnered to enable Binance users to send cryptocurrency through Ledger directly using their bank cards.
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