Hardware wallet breakthrough from Binance: strategic investment in Ngrave!



Hardware wallet breakthrough from Binance: strategic investment in Ngrave!

Cryptocurrency exchange Binance has stepped into the hardware wallet industry. The exchange announced that it has made a strategic investment in its venture capital arm cold wallet platform Ngrave.

Binance Labs has made a strategic investment in the Belgian hardware wallet company and will lead the upcoming Series A funding round, Ngrave announced on November 21.

Founded in 2018, Ngrave specializes in individual custody, providing a security suite consisting of three key elements, including the disconnected hardware wallet Zero, the key backup tool Graphene, and the Liquid mobile app.

Yi He, Binance co-founder and director of Binance Labs, has continued to say that security remains one of the biggest challenges for crypto adoptions. “Private storage wallets are one of the safest ways to store digital assets,” He said. He also added that Binance wants to continue supporting initiatives that improve user security.

“Binance Labs is excited to leverage the emerging hardware wallet industry and partner with Ngrave to deliver advanced wallet products to both individual and institutional investors,” said Tyler Z, investment director at Binance Labs.

On the other hand, it remains unclear whether Binance has previously invested in hardware wallets Ledger or Trezor. Binance exchange signed a collaboration with hardware wallet Ledger in early November. One of the biggest reasons for the exchange’s partnership with Ledger was to allow Binance users to deposit cryptocurrencies with their debit cards directly through Ledger.

Binance did not immediately respond to Cointelegraph’s request for comment.

As previously reported, the ongoing crypto winter continues to fuel the growth of the hardware wallet industry. However, many centralized crypto exchanges are making great efforts to maintain their operations. Unlike exchanges, hardware wallets allow their users to control and secure their private keys. According to studies published in July, it is thought that the crypto hardware wallet industry may grow faster than exchanges in the near future.

Binance CEO Changpeng Zhao said on November 14 that there will be no need for centralized exchanges as investors will turn more towards individual custodian wallets. “If we can find a way to allow people to safely and easily keep their assets in their custody, which I think 99 percent of the general population can do,” Zhao said. For this reason, there will probably be no need for centralized exchanges. This is a wonderful thing.”

You may be interested in: Interest in Trezor wallets increased 300 percent amid the FTX crisis!

The latest news comes shortly after Ledger Pascal Gauthier argued that the Binance-owned software wallet Trust Wallet should offer the Ledger Connect option to provide better security to its users. “Otherwise it would just be unsafe,” the CEO said in a Twitter post on November 13. The connectivity option, on the other hand, allows Trust Wallet users to store their keys on a Ledger device rather than on a mobile phone or computer.

A Trust Wallet spokesperson told Cointelegraph that it will integrate with Ledger Connect shortly. On the other hand, Trust Wallet stated that they offer full recoverability for users to gain access to their assets on any chain as long as they remember their secret phrases or private keys.



Soruce : https://tr.cointelegraph.com/news/binance-makes-moves-in-hardware-wallet-industry-with-new-investment

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