By George Ward
Binance Labs has invested in Ngrave, a Belgium-based hardware wallet firm. Additionally, Binance Labs announced that it would head the company’s forthcoming Series A financing.
Binance Labs To Lead Ngrave’s Upcoming Series A Funding
Binance, the largest crypto exchange by trading volume, has shown interest in the Ngrave hardware wallet firm. Binance Labs, the company’s venture arm, has invested in the Belgian company.
Binance Labs also revealed that it would lead a future Series A round for Ngrave. Created in 2018, Ngrave offers self-custody for digital assets.
Additionally, the company offers users a security suite with three main elements. The elements include Graphene, an essential backup tool, the Liquid mobile app, and Zero, a hardware wallet.
Yi He, Binance Labs Head, noted that security is a big issue that affects crypto adoption. He argued that self-custodial wallets are among the safest and most secure ways to keep digital assets.
Furthermore, Tyler Z, the investment director of Binance Labs, said the company is happy to collaborate with Ngrave. This will allow the company to offer wallet services to institutional and retail users.
However, it is uncertain if Binance invested funds in hardware wallet firms such as Trezor or Ledger. Earlier this month, Binance and Ledger partnered to make buying crypto easier for users.
Meanwhile, the ongoing crypto winter affecting crypto exchanges has spiked users’ interest in cold wallet storage. Last week, Trezor, a hardware wallet platform, revealed its revenue has increased by over 300%.
This is due to the increase in crypto platforms going bankrupt. Besides, the FTX collapse case and alleged mismanagement of users’ funds only made matters worse.
Binance CEO Shows Support For Self-Custodial Wallets
Using cold storage, users have more control over their assets. Also, their digital assets are safe and secure.
Last week, Changpeng Zhao, Binance CEO, advised crypto holders to move their funds from CEX (centralized exchanges) to self-custody platforms. He noted that this option allows users to secure their assets from fraudulent crypto platforms.
This would even eliminate the need for CEX, the CEO added.
Meanwhile, the latest news came after Pascal Gauthier, Ledger CEO, argued that Trust Wallet should add a Ledger Connect option. According to Gauthier, this would allow Trust Wallet to offer its users better security.
The option allows Trust Wallet customers to save the keys to their wallet on a Ledger device rather than a PC or mobile phone. Earlier, a spokesperson revealed that Trust Wallet has plans to integrate with Ledger Connect.
The spokesman further emphasized that Trust Wallet customers will have “complete recoverability” of their funds.