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The solutions introduced by NGRAVE are indirectly going to aid the swift adoption of blockchain technology and also foster a more decentralized crypto custody habit among users.
Binance Labs, the venture capital arm of the world’s largest cryptocurrency trading platform Binance exchange has announced its strategic investment in NGRAVE, a Belgium-born Web3 crypto security service provider.
The size of the investment was not revealed, but Binance Labs will be leading the Series A funding round of the startup which is scheduled to be announced anytime from now. The Binance Labs investment in NGRAVE is well thought-out and will be supporting the scaling of one of the best crypto custody solutions providers in the digital currency ecosystem.
“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,” Yi He, Co-Founder of Binance and Head of Binance Labs
NGRAVE was founded in 2018 and to date, the startup has introduced three unique security offerings for users in the crypto world to safeguard their assets. One of its proprietary products is ZERO, a durable and highly secure hardware wallet. ZERO is connectionless and is a touchscreen device.
Besides ZERO, NGRAVE has also designed the LIQUID app which connects its wallet users to the blockchain in real-time. Additionally, NGRAVE has debuted GRAPHENE, the stainless steel encrypted and recoverable backup that ensures users never lose their keys. The role of Graphene in the NGRAVE ecosystem will be quite indispensable as the hassles with the loss of private keys in self-custody situations account for one key reason why most users avoid this alternative mode of storing their crypto assets.
These solutions are indirectly going to aid the swift adoption of blockchain technology and also foster a more decentralized crypto custody habit among users.
Binance and NGRAVE Partnership: Learning from the FTX Implosion
The partnership between Binance and NGRAVE can best be positioned as a way the industry leaders can learn from the implosion of FTX Derivatives Exchange and prepare the general crypto public to forestall such occurrences in the future.
One of the ways the duo is doing this is to encourage the advent of self-custody solutions one of which can be fostered with NGRAVE’s tripartite custody products.
“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, “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.”