Binance Labs which is the venture capital arm of Binance Exchange and whose mission is to identify and invest in promising Web3 projects has announced a strategic partnership with NGRAVE, a blockchain technology company that provides blockchain security devices designed to prevent malicious exploits of cryptocurrencies.
Binance Labs announced the news via Twitter and according to the firm, the partnership with NGRAVE will strengthen users’ security in the digital ecosystem as the firm continues to promote self-custody of customers’ digital assets.
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
— Binance Labs Fund (@BinanceLabs) November 21, 2022
As concerning the partnership, Binance Labs will lead the first-ever Series A funding round for the startup.
NGRAVE provides safe custodial of digital assets through its three products known ZERO, a hardware wallet, GRAPHENE, a keyphrase recovery solution, and LIQUID, a mobile app for real-time on-chain connection.
The biometric sensor from ZERO provides an additional degree of protection for transaction signature and authentication. The ZERO device is also the only financial solution to integrate with an EAL7-certified OS.
Co-Founder of Binance and Head of Binance Labs, Yi He stated that “self-custodial wallets are one of the most secure methods for storing digital assets and through our investment in NGRAVE, we look forward to Binance Labs’ continuous support towards innovative startups that improve user security”.
Binance NGRAVE Highlights Need for Crypto Self-Custody
Self-custody wallets enable users to act as their own bankers and manager of their digital tokens. By being a self-custodian, users will also take sole responsibility for wallet security.
The defunct FTX exchange’s demise terrified the blockchain sector. Therefore, cryptocurrency users are looking for ways to safeguard their money and stop the repetition of such. Contributing to the cause is the promotion of the self-custodial of digital assets by some influential blockchain business players.
Self custody is a fundamental human right.
You are free to do it at any time.
Just make sure you do do it right.
Recommend start with small amounts to learn the tech/tools first.
Mistakes here can be very costly.
Stay #SAFU— CZ 🔶 Binance (@cz_binance) November 13, 2022
The CEO of Binance exchange, Changpeng Zhao had earlier stated that he believes safe custody is the fundamental human right of users. Zhao advised crypto users too, however, to learn the techniques and tools first before delving into it.
In a blog article, Trust Wallet, a decentralized cryptocurrency storage that supports crypto assets, highlighted the need for the safe custody of digital assets. The report stated that a third party is usually responsible for providing custodial wallets where users store their digital assets.
