Binance Labs has made strategic investments in the GRAVE, a hardware crypto wallet maker company.
On 21 November, Binance exchange announced via a blog post that Binance Labs, a subsidiary of Binance exchange that manages the fund investment work for Binance exchange, invested in NGRAVE, and also it will lead its series A round.
As @cz_binance said, self-custody is fundamental human right.
This is why we're making a strategic investment in and will be leading the upcoming Series A round of @ngrave_official, a hardware wallet and the 1st complete solution for self-custody.https://t.co/ySJcHGpoIm
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— Binance Labs Fund (@BinanceLabs) November 21, 2022
Chinese crypto blogger Collin Wu noted this step of the Binance exchange as an opportunity to support innovative businesses. The report noted that demand for hardware crypto wallets is increasing because of the collapse of the second biggest crypto exchange FTX.
Ruben Merre, Co-founder and CEO of GRAVE, shared his opinion on the existing hardware crypto wallets & their hidden concerns. Ruben said that his company aimed to make the crypto sector more secure by filling the security gap in the hardware crypto wallet services.
“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,” Ruben said.
He also said that they aimed to make the crypto funds self-custody very easy for people so that people can easily handle their funds with full safety & also can easily live there in their way.
FTX collapse
FTX crypto exchange was the second biggest crypto exchange, after Binance. On 8 November, FTX faced a downfall badly and its native token FTT plunged to the ground. Reportedly, the FTX team mismanaged the user’s funds & a big outflow of the funds created a low liquidity situation.
The collapse of the FTX exchange resulted in a very big panic for crypto Investors.
The majority of the crypto investors are moving their funds to non-custodial crypto wallets & hardware wallets, to remain away from any centralised power abuse.
Read also: Changpeng Zhao hints he never considered FTX as a rival
Binance investing in crypto hardware wallet business
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