Binance Marks Its Entry Into The Hardware Wallet Industry With An Investment In Ngrave

Binance Labs has invested in Ngrave, a Belgian hardware wallet firm. The investment will see Binance Labs lead Ngrave’s upcoming Series A round.

The investment marks the cryptocurrency exchange’s move into the hardware wallet industry.

Founded in Belgium in 2018, the cold wallet firm specializes in self-custody. Ngrave provides a security suite comprising three major elements, including connectionless hardware wallet Zero, key backup tool Graphene, and the Liquid mobile app.

It is not clear if Binance had previously invested in hardware wallet companies like Ledger or Trezor.

The ongoing cryptocurrency winter has accelerated the growth of the hardware wallet industry as many centralized crypto exchanges scramble to maintain operations.

Unlike exchanges, hardware wallets allow users to better control their funds by securing a private key.

On Nov. 14, Binance CEO Changpeng Zhao even admitted that centralized exchanges may no longer be necessary as investors would shift to self-custodial solutions.

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