The Binance Labs invests in the NGRAVE crypto wallet developer

Key points: 

• Binance Labs announced it has invested in hardware cryptocurrency wallet maker NGRAVE.
• NGRAVE currently offers a touchscreen connectionless hardware wallet called ZERO, a mobile application LIQUID that allows users to connect to the blockchain in real-time, and GRAPHENE, which is used for secure encryption and storage of keys.
• By the numbers, Binance Labs is currently the largest cryptocurrency venture in the space, with over $7.5 billion in assets under management. 

Binance Labs, the accelerator and venture capital arm of Binance, announced Monday that it has invested in hardware cryptocurrency wallet maker NGRAVE. Additionally, the cryptocurrency exchange is leading an upcoming Series A funding round. The value of the investment has not been disclosed to the public.

According to a press release, NGRAVE was founded four years ago in Belgium and currently offers a touchscreen connectionless hardware wallet called ZERO. Additionally, the company offers LIQUID, a mobile application that allows users to connect to the blockchain in real-time, and GRAPHENE, which is used for secure encryption and storage of keys.

NGRAVE ZERO is the only crypto wallet to obtain the highest security certification EAL7. Evaluation Assurance Level (EAL1 to EAL7) has been used since 1999 for IT system and product assessment. The higher the level, the greater the confidence in the reliability and correct implementation of the system's security functions.

“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, co-founder of Binance and head of Binance Labs, commented.

Binance Labs has been supporting the industry since 2018

Binance decided to launch its accelerator program and venture capital arm in 2018. Over the past four years, the institution has been able to support 200 projects, 50 of which were discovered through the Binance Labs incubation program.

By the numbers, Binance Labs is currently the largest cryptocurrency venture in the space, with over $7.5 billion in assets under management (AuM).

In November, VCs invested $4 million in a Web3 sports gaming platform called Ultimate Champions. Binance wants to support the rapidly growing Web3 gaming industry and help build a F2P fantasy sports platform.

A month ago, Binance Labs led a pre-seed funding round for Ancilla, an automated blockchain threat detection solution.