Binance Labs, Binance‘s blockchain incubation program, announced on Monday that it had made a strategic investment in hardware wallet maker NGRAVE and will lead its Series A round of financing.
Founded by former executives of the world-renowned smart lock company August Home, NGRAVE has developed a series of products designed to enhance the security and ease of use of cryptocurrency hardware wallets.
Currently, the sales of hardware wallets are soaring due to the recent FTX crash when investors need a more secure way to manage their crypto assets. High-profile hacks have also damaged consumer confidence in traditional fintech solutions such as exchanges and mobile payment apps.
In addition to securing crypto assets, NGRAVE hardware wallets also serve other important functions including the sending and receiving of digital currency transactions. They can also be used in conjunction with a mobile app to provide a full range of additional features such as purchasing funds, monitoring balances, controlling individual or shared wallets, and setting spending limits.
“At Binance, the security of customer assets is our highest priority. We believe that NGRAVE’s hardware wallet will greatly enhance the safety and usability of crypto self-custody for millions of global users,” said Ella Zhang, head of Binance Labs.
Binance Labs was established in 2018 with a mission to support high-potential and early-stage blockchain projects. The investment in NGRAVE is an extension of its goals to not only incubate budding crypto startups but also help foster the growth of a secure and healthy digital assets industry.
“This partnership with Binance Labs will enable us to accelerate our pace of development so that we can bring products to market faster and help positively shape the crypto ecosystem,” said David Huseby, CEO of NGRAVE.
With its recent investment in NGRAVE, Binance Labs hopes to help improve the security of crypto assets and foster a stronger ecosystem for self-custody solutions.
Given the impressive track record and reputation of NGRAVE’s founders, we believe that this investment will allow them to continue innovating and providing a secure and user-friendly hardware wallet solution to the crypto community. We look forward to seeing how this investment will help drive advancements in the field of crypto self-custody and contribute to building a more robust ecosystem for decentralized finance.
With its investment in NGRAVE, Binance Labs is helping to improve the security and usability of crypto assets by supporting a leading hardware wallet maker. This is an essential step towards building a stronger ecosystem for self-custody solutions, which are becoming increasingly sought after due to recent high-profile hacks. Overall, we believe this investment will pave the way for further innovation in the crypto self-custody field and help promote a more robust decentralized finance ecosystem.