NGRAVE, a blockchain and digital asset security provider, has received backing from Binance Labs in its upcoming Series A funding round to boost crypto self-custody.
Binance Labs is the venture capital arm and accelerator of crypto exchange Binance.
Founded in Belgium in 2018,
NGRAVE is a digital asset security provider offering “user-friendly maximum-security solutions” for blockchain and crypto use cases.
The company said that its flagship product, crypto hardware wallet “NGRAVE ZERO”, is the only financial product in the world that features the highest security certification: EAL7. NGRAVE is partnered with the world’s top tier in nano- and chip technology, cryptography and hardware security, and counts among its advisors several blockchain pioneers such as Jean-Jacques Quisquater, famous cryptography professor and second reference of the bitcoin paper.
Amongst NGRAVE’s offering is a three-tier security suite made of ZERO, the connectionless touch-screen hardware wallet, LIQUID the mobile app that connects users real-time to the blockchain, and GRAPHENE, the stainless steel encrypted and recoverable backup that ensures users never lose their keys.
Yi He, co-founder of Binance and head of Binance Labs, said, “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.”
Ruben Merre, Co-founder and CEO of NGRAVE, added, “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.”
Last week, it was reported that Genesis, a cryptocurrency brokerage, is set to receive a $140m equity infusion from its parent company, Digital Currency Group, to support its balance sheet.
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