Binance muscles in on hardware wallet sector with series A investment in NGRAVE
binance lab announced that it will take the lead in its upcoming Series A investment round. Hardware wallet manufacturer NGRAVE.
Company co-founders Xavier Hendricks, Ruben Mehr and Edouard Vanham launched NGRAVE. 2018 To make cryptocurrency a safer place for everyone.
Hendrickx has repeatedly suffered from lost or stolen crypto assets, including being a victim of the 2014 Mt. Gox hack. These experiences inspired him to tackle cryptographic security issues and launch NGRAVE.
of team We want to change the way people experience cryptocurrencies by eradicating “loss potential and malicious hacks.”
“Our Mission, Empower people to own their wealth and be free to live the life they want.“
Today, the company’s product line includes zero “air-gapped” hardware wallets that connect via QR code instead of USB, WiFi, Bluetooth, etc., a physical stainless steel key backup called Graphene that incorporates an obfuscation mechanism, and Liquid A software interface called
Binance sees hardware wallets as an emerging market
Yi He, head of Binance Labs, commented on the cryptographic security issue, saying that the issue is hampering large-scale adoption. She added that the investment in NGRAVE is a step towards addressing this issue.
“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 are committed to improving user security. We would like to continue to support innovative startups that strengthen the
Similarly, Tyler Z, investment director at Binance Labs, said hardware wallets are the safest way to store cryptocurrencies, especially during periods of market volatility.
Binance Labs Brings Back Self-Custody Solution Provider SafePal 2018SafePal’s products include software wallets and hardware wallets, the latter being priced lower than NGRAVE’s solutions.
The way self-custody should go after the FTX disaster
Self-custody of assets has become more important after FTX filed for Chapter 11 bankruptcy on November 11.
Days after filing for bankruptcy, Binance CEO Changpeng Zhao (CZ) tweeted that self-control is a basic human right, reminding his followers that they are “always free”.
CZ gave advice, encouraging users to start small and understand how a self-custody solution works. A warning that “mistakes here can be very expensive.”
