Last Updated on 51 mins by cryptoevent

Binance, the leading cryptocurrency exchange in terms of trading volume, has announced that it will enter the hardware wallet space. In partnership with cold wallet platform Ngrave, Binance will invest in technology to inject money into the industry.

Binance Labs has invested in the Belgian hardware wallet company ahead of its Series A funding round, according to an official announcement. Ngrave is working to create self-custody wallets to allow clients and crypto users to hold and control their own assets. Ngrave uses three elements to create the hardware wallets, including hardware wallet service provider Zero, Graphene as a key backup tool, and Liquid as a mobile app. Commenting on their services prior to the new partnership, Ruben Merre, co-founder and CEO of Ngrave said:

“We take a true end-to-end view of how users can protect their cryptos. For example, when we looked at existing key generation processes, we found that there were serious security gaps. So we reinvented the way keys are generated and also broke the limitations of the mnemonic wallets that are widely used today.”

Commenting on the news of the partnership, Ye Hi, Binance co-founder, said why they were entering the space:

“Security remains one of the biggest hurdles to crypto adoption. Self-custody wallets are one of the most secure methods of storing digital assets, and through our investment in NGRAVE we want to continue supporting innovative startups that improve user security.”

Investment Director at Binance Labs Tyler Z commented on how Ngrave will be a valuable addition to the exchange’s products and services:

“Hardware wallets are one of the most secure solutions for self-custody and safekeeping of digital assets, especially in volatile and turbulent markets. NGRAVE’s premium product suite offers a smooth and intuitive user experience coupled with structured security innovations. Binance Labs is excited to capitalize on the burgeoning hardware wallet sector and partner with NGRAVE to offer sophisticated wallet products for both retail and institutional users.”

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