It seems that Binance Labs is looking to make its first steps in the hardware wallet industry.
Binance Labs, a chain-agnostic incubator and the venture capital arm of Binance established in 2018, has invested in the Belgian hardware wallet firm NGRAVE.
According to the announcement shared on November 21st, following the investment, Binance Labs will be leading a Series A funding round of NGRAVE.
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NGRAVE was launched in 2018 in Belgium to offer “user-friendly, maximum security solutions for crypto users, from creating keys to advanced key recovery.”
In the announcement, Binance co-founder and Head of Binance Labs, Yi He, claimed that security is one of the main obstacles in crypto adoption. The man added that to ensure the safety of their digital assets, investors should use self-custodial wallets.
The Belgian hardware wallet company has three well-known products, ZERO, LIQUID, and GRAPHENE. ZERO is NGRAVE’s connectionless hardware wallet. LIQUID is a mobile application that allows users to connect to the blockchain in real time. Lastly, GRAPHENE is an encrypted key backup tool.
Binance Labs Investment Director Tyler Z. claims that above mentioned NGRAVE’s premium products “offer smooth and intuitive user experience” while also providing structured security innovations.
Binance Labs is excited to capitalize on the emerging hardware wallet sector and partner with NGRAVE to bring sophisticated wallet products to both retail and institutional users.
On top of that, when talking about the investment, NGRAVE co-founder and CEO Ruben Merre noted:
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.
It is worth noting that at the beginning of November, crypto exchange Binance announced its partnership with hardware crypto wallet Ledger, aiming to make crypto “as accessible as possible.”
by Gile K. – Crypto Analyst, BitDegree
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