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Bruce B. Nov 21, 2022
Financial Services News
Last active over 7 days
Last active over 7 days
Cryptocurrency exchange Binance is making a move in the hardware wallet industry, with its venture capital arm investing in the cold wallet platform Ngrave.

Binance Labs has made a strategic investment in the Belgian hardware wallet firm Ngrave and will lead its upcoming Series A round.

Ngrave specializes in self-custody, providing a security suite comprising three major elements, including the connectionless hardware wallet Zero, key backup tool Graphene, and the Liquid mobile app.

Binance co-founder, and head of Binance Labs, Yi He, pinpointed that security remains one of the biggest challenges for crypto adoption. “Self-custodial wallets are one of the most secure methods for storing digital assets,” she said.

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,” Investment Director Tyler Z added.

CZ himself admitted that centralized exchanges may no longer be necessary as investors would shift to self-custodial solutions.

The Binance CEO said. “If we can allow people to hold their own assets in their own custody securely and easily, in a way that 99% of the population can do it, centralized exchanges will not exist, or probably don’t need to exist.”

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