Binance Makes Steps Into Hardware Wallet Industry With New Investment
Binance Labs has made a strategic investment in Belgian hardware wallet company Ngrave and will lead its next Series A.
New
Cryptocurrency exchange Binance is stepping into the hardware wallet industry, with its venture capital arm investing in the Ngrave cold wallet platform.
Binance Labs has made a strategic investment in Belgian hardware wallet company Ngrave and will lead its next Series A, the company officially announced on November 21.
Founded in Belgium in 2018, Ngrave specializes in self-custody, providing a security suite comprised of three main elements, including the zero-login hardware wallet, the Graphene key backup tool, and the mobile app Liquid.
Yi He, co-founder of Binance and head of Binance Labs, pointed out that security remains one of the biggest challenges for crypto adoption. “Self-custodial wallets are one of the most secure methods of storing digital assets,” he said, adding that Binance is looking to continue supporting startups that improve user security.
“Binance Labs is excited to capitalize on the emerging hardware wallet industry and partner with Ngrave to bring sophisticated wallet products to retail and institutional users,” added Binance Labs Chief Investment Officer Tyler Z.
It seems unclear whether Binance has ever invested in hardware wallet companies like Ledger or Trezor. In early November, Binance partnered with hardware wallet maker Ledger to allow Binance users to transfer crypto through Ledger directly with their bank cards.
Binance did not immediately respond to Cointelegraph's request for comment.
As previously reported, the current cryptocurrency winter has accelerated the growth of the hardware wallet industry, as many centralized crypto exchanges scramble to maintain operations. Unlike exchanges, hardware wallets allow us...
Binance Labs has made a strategic investment in Belgian hardware wallet company Ngrave and will lead its next Series A.
New
Cryptocurrency exchange Binance is stepping into the hardware wallet industry, with its venture capital arm investing in the Ngrave cold wallet platform.
Binance Labs has made a strategic investment in Belgian hardware wallet company Ngrave and will lead its next Series A, the company officially announced on November 21.
Founded in Belgium in 2018, Ngrave specializes in self-custody, providing a security suite comprised of three main elements, including the zero-login hardware wallet, the Graphene key backup tool, and the mobile app Liquid.
Yi He, co-founder of Binance and head of Binance Labs, pointed out that security remains one of the biggest challenges for crypto adoption. “Self-custodial wallets are one of the most secure methods of storing digital assets,” he said, adding that Binance is looking to continue supporting startups that improve user security.
“Binance Labs is excited to capitalize on the emerging hardware wallet industry and partner with Ngrave to bring sophisticated wallet products to retail and institutional users,” added Binance Labs Chief Investment Officer Tyler Z.
It seems unclear whether Binance has ever invested in hardware wallet companies like Ledger or Trezor. In early November, Binance partnered with hardware wallet maker Ledger to allow Binance users to transfer crypto through Ledger directly with their bank cards.
Binance did not immediately respond to Cointelegraph's request for comment.
As previously reported, the current cryptocurrency winter has accelerated the growth of the hardware wallet industry, as many centralized crypto exchanges scramble to maintain operations. Unlike exchanges, hardware wallets allow us...
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