Binance Labs, the venture capital arm of Binance, announced via a blog post on Monday that it has made a strategic investment in NGRAVE, a hardware wallet manufacturer.
The move would see Binance enter the crypto self-custody ecosystem in a bid to encourage more people to safely store their assets. Binance pointed out that NGRAVE offers the first complete solution for self-custody, consisting of a connectionless and highest security certified (EAL7) hardware wallet, ZERO, and an encrypted and recoverable key backup, GRAPHENE.
NGRAVE is a Belgian-based company that has been around since 2018. The company has developed a 3-tier security suite made of ZERO, the connectionless touch-screen hardware wallet, LIQUID the mobile app that connects users in real-time to the blockchain; and GRAPHENE, the stainless steel encrypted and recoverable backup that ensures users never lose their keys.
While commenting on this latest development, 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.”
Ruben Merre, Co-founder and CEO of NGRAVE, added that;
“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. Our goal has always been simple: we want to make the world of crypto a safer place for everyone. Our mission is to empower people to safeguard their wealth, so they can live the life they want.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.”
Binance has been expanding its presence in the cryptocurrency space in recent months. More positive Binance reviews ensure that the cryptocurrency exchange further cements its place as the world’s leading digital asset trading platform.