Binance Labs Invests in Hardware Wallet Maker NGRAVE to Boost Crypto Self-Custody

Binance Labs, the venture capital arm and accelerator of Binance, has made a strategic investment in and will be leading the upcoming Series A round of NGRAVE, a blockchain and digital asset security provider “specialized in user-friendly, maximum security solutions for crypto users, from creating keys to advanced key recovery.”

Founded in Belgium in 2018, NGRAVE has “developed a 3-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.”

For the first time, crypto investors “can enjoy a truly end-to-end and easy to use self-custody solution from key generation to back-up recovery.”

Yi He, Co-Founder of Binance and Head of Binance Labs, commented:

“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.”

Tyler Z., Investment Director at Binance Labs, said:

“Hardware wallets are one of the most secure solutions for self-custody and digital asset storage, especially during volatile and turbulent markets. NGRAVE’s premium product suite offers smooth and intuitive user experience, coupled with 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.”

Ruben Merre, Co-founder and CEO of NGRAVE, stated:

“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,”

He added:

“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,”

As the venture capital arm and accelerator of Binance, Binance Labs is “on the continued lookout for the next big Web3 innovation.”

Since 2018, Binance Labs has “invested in more than 200 projects from 25 countries. It has also incubated more than 50 projects that are native to Web3 through the Binance Labs Incubation Program, including Polygon, Perpetual Protocol and Dune Analytics.”

As of August 2022, Binance Labs is “the largest crypto VC in the industry by Asset Under Management (AuM) of $7.5 billion with a Multiple on Invested Capital (MOIC) of 21.0x.”

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