Ngrave Aims to Raise $15M in Series A Funding Round

Ngrave, a digital asset security wallet is looking to raise $15 million in a Series A funding round according to a report from the Block.

The report stated that the Series A funding round will give the startup a pre-money valuation of $60 million and Binance Labs is currently leading the round according to a person with first-hand knowledge of the transaction.

Binance Labs, the venture capital arm of top cryptocurrency exchange, Binance announced in November that it has formed a strategic collaboration with Ngrave. Binance Labs highlighted that it was leading the Series A funding round, the value of which was not announced at the time.

Little is known about the Series A investment round because Ngrave has not yet revealed details regarding the pre-money valuation and funding round.

Ngrave specializes in protecting digital assets, and it offers its clients access to the most cutting-edge key generation techniques by letting them create their own computationally distinct keys.

Research conducted by Ngrave in April revealed that more than half of crypto users keep their backup on paper wallets to store their keys. The study also added that almost one out of every two investors joined the crypto industry after 2019, with adoption peaking in 2021.

Seed Funding in the Blockchain Industry

RakkaR Digital, a cryptocurrency custodian announced that it has raised $10 million in a fundraising round supported by SCB 10X despite the dwindling crypto market.

Southeast Asia, RakkaR’s major area of focus, is a region where SCB 10X appears optimistic about cryptocurrency acceptance. RakkaR, which has 20 staff in offices in Thailand and Singapore, plans to hire 50 more people next year with the new capital.

In addition, Golden, a Web3.0 decentralized business, said that it has raised $40 million in a Series B fundraising round led by Andreessen Horowitz (a16z).

Protocol Labs, OpenSea Ventures, DCVC, MVP Ventures, Vela Partners, and Socii Capital are among the additional investors who contributed to the Series B round, according to Golden.