Binance Cryptocurrency Trading Platform is entering the hardware wallet industry according to the company.announceOn November 21, Binance Labs announced that it has made a strategic investment in Belgian hardware wallet company Ngrave and will lead the upcoming Series A round.
Founded in 2018, Ngrave specializes in self-custody and provides security services that consist of three core components: connectionless hardware wallet Zero, key backup tool Graphene and 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-custody wallets are one of the most secure methods for storing digital assets,” he added that Binance is looking to support startups. Apps that continue to increase security for users.
“Binance Labs is excited to benefit from the emerging hardware wallet sector. and partnering with Ngrave to bring its wallet products to retail and institutional users,” added Tyler Z, Director of Investments at Binance Labs.
Binance Labs previously invested in hardware wallet maker SafePal through an incubation program in 2018. Binance also integrated SafePal’s solution into its platform, adding a SafePal Mini App to the Binance app in October.
In early November, Binance alsohave cooperatedwith Ledger, the hardware wallet maker, to allow Binance users to buy crypto directly through the Ledger app with their bank card.
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