Binance Labs, the accelerator and the venture capital division of Binance, informed on Monday that it has invested in NGRAVE, a hardware cryptocurrency wallet maker. Additionally, the crypto exchange is leading the upcoming Series A financing round. The value of the investment has not been disclosed to the public.
According to the press release, NGRAVE was founded four years ago in Belgium and is currently offering a connectionless hardware wallet with a touch-screen dubbed ZERO. On top of that, the company is providing the LIQUID mobile app allowing users to connect with blockchain in real-time and GRAPHENE for safe crypto key encryption and storage.
NGRAVE ZERO is the only crypto wallet that obtained the highest possible certification of security, EAL7. The Evaluation Assurance Level (EAL1 do EAL7) has been used in IT systems and product evaluation since 1999. The higher the level, the higher the confidence that the system's security features are reliable and correctly implemented.
“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,” Yi He, the Co-Founder of Binance and Head of Binance Labs, commented.
Binance Labs Has Supported the Industry Since 2018
Binance decided to launch its accelerator program and venture capital arm in 2018. For the last four years, the institution was able to support 200 projects, 50 of which were discovered due to the Binance Labs Incubation Program.
By the numbers, Binance Labs is currently the biggest cryptocurrency venture capital in the niche, with Assets Under Management (AuM) exceeding $7.5 billion.
In November, the VC made a $4 million investment in the Web3 sports game platform dubbed Ultimate Champions. Binance wants to support the rapidly growing Web3 gaming industry and help build a F2P fantasy sports platform.
A month earlier, Binance Labs led the pre-seed funding round for Ancilla, an automated threat detection solution in the blockchain space.
