- Binance to partake in a Series A round of funding of a hardware wallet maker.
- NGRAVE offers a complete solution for self-custody, including backup key recovery.
- After FTX collapsed, experts urged crypto investors to embrace self-custody more.
Binance, the largest crypto marketplace, is partnering with a digital asset security provider NGRAVE, to provide maximum security solutions for crypto users, including creating keys and advanced key recovery.
The exchange announced the development in a press release today, noting that its venture capital arm, Binance Labs, would be making a strategic investment in the upcoming Series A round of funding of the hardware wallet maker. Yi He, the head of Binance Labs, said:
Self-custodial wallets are one of the most secure methods for storing digital assets. Through our investment in NGRAVE, we are looking to continue backing innovative startups that enhance user security.
Notably, NGRAVE offers the first complete solution for self-custody, consisting of a connectionless and highest security certified (EAL7) hardware wallet, ZERO, and an encrypted and recoverable backup key, GRAPHENE.
Ruben Merre, Co-founder and CEO of NGRAVE, commented that the company took an objective end-to-end view of how users could protect their crypto from the perspective of the existing key creation processes. CEO Merre claimed the company’s engineering team reinvented how wallet keys are generated — to overcome the limitations of mnemonic wallets.
Last week, the CEO of Binance tweeted that crypto self-custody was a fundamental human right. The comment came in following the monumental collapse of the FTX exchange, with investors reportedly losing over $8 billion cumulatively. Many experts after that called on crypto enthusiasts to use centralized exchanges less and embrace self-custody.
In related news, RampNetwork, a non-custodial fiat-to-crypto infrastructure, partnered with two businesses, Argent and ZigZagExchange, to show crypto users to take complete control of their cryptocurrency investments.
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