In a bid to tighten security threats in the cryptocurrency palace, the venture capital division of Binance, Binance Labs has revealed today that it has invested in NGRAVE, a hardware cryptocurrency wallet maker. The investment is part of the forthcoming Series A financing round led by the cryptocurrency exchange. Unfortunately, the value of the exact amount invested has not been disclosed to the public.
NGRAVE was founded four years ago in Belgium and is currently offering a connectionless hardware wallet with a touch-screen dubbed ZERO. The company offers GRAPHENE for secure crypto key encryption and storage together with the LIQUID mobile app, which enables users to connect with blockchain in real-time.
The only cryptocurrency wallet to have the highest security certification, EAL7, is NGRAVE ZERO. Since 1999, the Evaluation Assurance Level (EAL1 through EAL7) has been used to rate the quality of IT products and systems. The higher the level, the more certain one can be that the security mechanisms of the system are trustworthy and correctly implemented.
In 2018, Binance decided to open its venture capital arm and accelerator program. The organization has been able to sponsor 200 initiatives over the past four years, 50 of which were found thanks to the Binance Labs Incubation Program. With Assets Under Management of over $7.5 billion, Binance Labs is now the largest cryptocurrency venture capital in the market.
The venture capitalist invested $4 million in the Web3 sports game platform Ultimate Champions in November. Binance intends to assist in the development of a F2P fantasy sports platform and serve the rapidly expanding Web3 gaming market. An automated threat detection solution for the blockchain industry called Ancilla received pre-seed funding from Binance Labs a month earlier.
Speaking on the new investment, the Co-Founder of Binance and Head of Binance Labs, Yi He, pointed out that one of the major barriers to the adoption of cryptocurrencies is still security.