Several firms in the cryptocurrency space are being investigated by the US Federal Trade Commission over false or misleading advertisements.
Binance, leading cryptocurrency exchange in terms of trading volume, has announced that it will be stepping into the hardware wallet space. In association with cold wallet platform Ngrave, Binance will be investing in technology to put money into the industry.
According to an official announcement, Binance Labs made an investment in the Belgian hardware wallet company ahead of its Series A fundraising round. Ngrave works to produce self-custody wallets to provide customers and crypto users with a way 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. Ruben Merre, co-founder and CEO of Ngrave commented on their services ahead of the the new partnership:
“We take a real end-to-end view on how users can protect their crypto. For example, when looking into existing key creation processes, we realized there were serious security gaps. So we reinvented the way keys are generated and also overcame the limitations of today’s widely used mnemonic wallets.”
Ye Hi, co-founder of Binance, commented on the news of the partnership, saying why they’d be stepping into the space:
“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.”
The 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 digital asset storage, especially during volatile and turbulent markets. NGRAVE’s premium product suite offers smooth and intuitive user experience, coupled with structured security innovations. Binance Labs is excited to capitalize on the emerging hardware wallet sector and partner with NGRAVE to bring sophisticated wallet products to both retail and institutional users.”