Binance Labs Invests In Hardware Wallet Maker NGRAVE

Binance Labs, the trading capital of the world’s largest cryptocurrency platform, Binance exchange, has announced its strategic investment in NGRAVE, the Belgian-born Web3 crypto security service provider. The size of the investment was not disclosed, but Binance Labs will be leading a Series A funding round for the startup that is scheduled to be announced anytime from now. Binance Labs’ investment in NGRAVE is well thought out and will support the growth of one of the best crypto custody solution providers in the digital currency ecosystem.

“Security remains one of the biggest barriers to crypto adoption. Wallets are one of the most secure ways to store digital assets and with our investment in NGRAVE, we look to continue to support new initiatives that improve user security,” says Yi Heco-founder of Binance and Head of Binance Labs.

ENGRAVED was founded in 2018 and so far, the startup has introduced three unique security offerings for users in the crypto world to protect their assets. One of its proprietary products is ZERO, a strong and highly secure hardware wallet. The ZERO is not connected and is a touch screen device.

Besides ZERO, NGRAVE also designed the LIQUID app, which connects its wallet users to the blockchain in real time. In addition, NGRAVE released GRAPHENE, a stainless steel encrypted and recoverable backup that ensures users never lose their keys. GRAPHENE’s role in the NGRAVE ecosystem will be very important as worries about losing private keys in self-defense situations are one of the main reasons why most users avoid this alternative method of storing their crypto assets.

The partnership between Binance and NGRAVE can be best positioned as a way for industry leaders to learn from the FTX installation and prepare the general crypto community to avoid such occurrences in the future.

One of the ways the duo does this is to encourage the emergence of self-custody solutions, one of which can be facilitated through NGRAVE’s tripartite custody products.