The venture capital arm and accelerator of Binance, identified as Binance Labs has championed a strategic investment in hardware wallet maker, NGRAVE. The crypto exchange confirmed the development in its Monday blog post. According to Binance, its investment in the wallet maker is geared towards boosting crypto self-custody.
Binance in its announcement, further that it venture capital arm will lead the upcoming Series A funding round of NGRAVE. Worthy of note that the hardware wallet maker is renowned in offering the first complete solution for self custody. The solution, as designed, consist of a connectionless and highest security certified (EAL7) hardware wallet, Zero, and an encrypted and recoverable key backup, GRAPHENE.
Notably, NGRAVE manifested in Belgium in 2018. Through its solutions, users enjoy a truly end-to-end and easy to use self-custody solutions from key generation to back-up recovery.
Binance Co-founder, NGRAVE CEO, others react to the investment
Meanwhile, the co-founder of Binance and head of Binance labs, Yi He, reacted to the development. He hinted that security remains one of the biggest hurdles for crypto adoption. According to the co-founder, self-custodial wallets appears one of the most secure methods for storing digital assets. Further, He maintained that through the lab’s investment in NGRAVE, it looks to continue backing innovative startups that enhance user security.
Similarly, Tyler Z, the investment director at Binance labs also reacted to the development. Tyler noted that hardware wallets remains one of the most secure solutions for self-custody and digital asset storage. The director further that NGRAVE’s premium product suite offers smooth and intuitive user experience. More so, Tyler said the solution possesses structured security innovations. He, however, expressed the excitement of the venture capital arm to capitalize on the emerging hardware wallet sector. This, according to him, birthed the partnership with NGRAVE to bring sophisticated wallet products to retail and institutional users.
NGRAVE looks forward to cooperating with Binance Labs – Merre
Co-founder and CEO of NGRAVE, Ruben Merre said the firm usually takes real end-to-end view on how users protect their crypto. Additionally, the CEO expressed the delight of his team over the investment and partnership by Binance Labs. Merre said NGRAVE looked into existing key creation processes, and realized serious security gaps. The CEO further that this made the firm to reinvent an easy method for generating keys. This, according to him, allowed for the overcoming of the limitations of today’s widely used mnemonic wallets.
He said NGRAVE aims to make the world of crypto a safer place for everyone. Merre said the wallet maker looks to empower people to safeguard their wealth, enabling them to live the life they want.