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 the 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," states 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, a stainless steel encrypted and recoverable back-up 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 for why most users avoid this alternative mode of storing their crypto assets.
The partnership between Binance and NGRAVE can best be positioned as a way the industry leaders can learn from the implosion of FTX 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.
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