Quick take:
- Binance Labs has announced a strategic investment in hardware wallet maker NGRAVE.
- The company is leading NGRAVE’s upcoming Series A funding.
- The investment is part of Binance’s strategy to strengthen crypto self-management amid the collapse of FTX.
Binance Labs, the venture arm of Binance, the world’s largest cryptocurrency trading platform, has announced a strategic investment in hardware wallet maker NGRAVE. The investment is part of Binance’s strategy to promote self-management of cryptocurrencies in the wake of the FTX collapse. BInance also announced that it will lead NGRAVE’s upcoming Series A funding.
NGRAVE describes its product as the first-of-its-kind crypto self-custody with “connectionless, highest security certification (EAL7) hardware wallet ZERO and encrypted recoverable key backup GRAPHENE”. described as a solution.
NGRAVE is a decentralized digital asset security service provider focused on developing the largest easy-to-use cryptographic security products. The company’s range of services includes security key creation to providing lost private key recovery services.
NGRAVE’s three-tier security suite includes ZERO, a connectionless hardware touch screen wallet, LIQUID, a mobile app that connects users to the blockchain in real time, and a stainless steel recoverable wallet that keeps users from losing their keys. It is a combination of GRAPHENE, which is a powerful backup.
Commenting on the strategic investment, Yi He, co-founder of Binance and head of Binance Labs, said: Said: “Security remains one of the biggest hurdles to cryptocurrency adoption. Self-custodial wallets are one of the safest ways to store digital assets and through our investment in NGRAVE, We look forward to continuing to support innovative startups that enhance security.”
Meanwhile, NGRAVE co-founder and CEO Ruben Merre commented: For example, upon examining the existing key creation process, he found significant security gaps. So we reinvented the key generation method and overcome the limitations of the mnemonic wallets that are widely used today. ”
Both companies are trying to make cryptocurrency investments safe for everyone during the current turmoil caused by the FTX demise.
“We are excited to be working with and working with Binance Labs to give us peace of mind as the crypto world continues to evolve,” Merre added. .
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