Binance Labs Makes A Strategic Investment in Hardware Wallet Maker NGRAVE
- Binance Labs will make a strategic investment in hardware wallet maker NGRAVE and will also lead its upcoming Series A round owing to a significant surge in the demand of hardware wallets.
- NGRAVE is a “blockchain and digital asset security provider specialized in user-friendly, maximum security solutions for crypto users, from creating keys to advanced key recovery.”
- Binance Labs recently made a strategic investment in Ankr (ANKR), a Web 3 infrastructure provider that rose to popularity in the previous crypto market bull run.
Binance Labs, the venture and funding arm of the world’s biggest crypto exchange by trading volume, confirmed that it will make a strategic investment in hardware wallet maker NGRAVE and will also lead its upcoming Series A round, making another step towards industry dominance amidst a bearish market as almost every crypto coin has crashed significantly in the past few weeks.
The venture capital arm and accelerator of Binance confirmed its strategic investment in NGRAVE on Monday and described it as a “blockchain and digital asset security provider specialized in user-friendly, maximum security solutions for crypto users, from creating keys to advanced key recovery.” With this investment, the leading crypto exchage hand entered the hardware wallet space as well.
“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,” said Yin He, Co-Founder of Binance and Head of its venture capital arm.
The announcement states that NGRAVE has developed a 3 tier security suite which consists of a total of three parts. The first is ZERO, the connectionless touch-screen hardware wallet; second is LIQUID the mobile app that connects users real-time to the blockchain; and finally follows GRAPHENE, the stainless steel encrypted and recoverable backup that ensures users never lose their keys.
These make up the entire ecosystem of NGRAVE and Binance Labs will attempt to capitalize on what the firm has built.
Binance Labs has been on a roll recently as the firm recently introduced a strategic investment for Ankr, a Web 3 infrastructure provider which has the native token as ANKR. Significant steps have been taken under the leadership of Yi He, who was appointed as the head of Binance Labs in August and has played a “pivotal role” in identifying early-stage projects, developers, and founders at the world’s largest exchange.
“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,” said Ruben Merre, Co-founder and CEO of NGRAVE.
Interestingly, there has been a surge in the demand of hardware crypto wallets recently following a surge in the number of crypto hacks and withdrawal halts. A multibillion dollar crypto exchange FTX collapsed overnight and following the event, a major hardware wallet provider, Trezor, recorded a 300% surge in its sales. The firm’s brand ambassador Josef Tetek believes that in the near future, the demand will increase further.