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Binance makes moves in hardware wallet industry with new investment

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The cryptocurrency exchange Binance is making a move in the hardware wallet industry, with its venture capital arm investing in the cold wallet platform Ngrave.Binance Labs has made a strategic investment in the Belgian hardware wallet firm Ngrave and will lead its upcoming Series A round, the firm officially announced on Nov.

21.Founded in Belgium in 2018, Ngrave specializes in self-custody, providing a security suite comprising three major elements, including connectionless hardware wallet Zero, key backup tool Graphene and the Liquid mobile app.Yi He, co-founder of Binance and head of Binance Labs, pinpointed that security remains one of the biggest challenges for crypto adoption. “Self-custodial wallets are one of the most secure methods for storing digital assets,” He said, adding that Binance is looking to continue backing startups that enhance user security.“Binance Labs is excited to capitalize on the emerging hardware wallet sector and partner with Ngrave to bring sophisticated wallet products to both retail and institutional users,” Binance Labs investment director Tyler Z added.It appears to be unclear whether Binance has previously invested in hardware wallet companies like Ledger or Trezor.

In early November, Binance partnered with Ledger hardware wallet maker to allow Binance users to put crypto through Ledger directly with their bank cards.Binance did not immediately respond to Cointelegraph’s request for comment.As previously reported, the ongoing cryptocurrency winter has accelerated the growth of the hardware wallet industry, while many centralized crypto exchanges were scrambling to maintain operations.

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