Binance to Lead NGRAVE’s Series A Round After Strategic Investment

Binance Labs, the venture capital arm of leading cryptocurrency exchange Binance which recently turned down a buyout offer from FTX sister trading firm Alameda Research has entered a strategic partnership with NGRAVE, a hardware cryptocurrency wallet maker.

According to a blog post by Binance Labs, this strategic investment has earned the accelerator the position of the lead in the upcoming NGRAVE Series A funding round whose value is yet to be disclosed.

NGRAVE is a blockchain and digital asset security provider that specializes in user-friendly, maximum security solutions for crypto users, from creating keys to advanced key recovery. It was founded in Belgium four years ago. 

Markedly, NGRAVE utilizes a three-tier security suite that includes ZERO, a connectionless touch-screen hardware wallet, and LIQUID the mobile app that serves as a link between users in real-time and the blockchain. The third one is GRAPHENE, the stainless steel encrypted and recoverable backup that ensures users never lose their keys.

Crypto investors can now leverage all of these technologies to enjoy end-to-end and easy-to-use self-custody solutions from key generation to backup recovery.

NGRAVE And Binance to Bridge Security Gap

“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,” Co-founder and Chief Executive Officer (CEO) of NGRAVE Ruben Merre said.

Noteworthy, NGRAVE ZERO is the only crypto wallet that obtained the highest possible certification of security, Evaluation Assurance Level 7 EAL7 which shows a high level of reliable and appropriately implemented security.

“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 said

It was only in August that Binance Lab announced a strategic investment in Aknr, a Web3.0 infrastructure provider that is well-known for introducing BNB Liquid Staking and building some of the BNB Chain’s core infrastructures, notably its Erigon upgrade.