Binance makes moves in hardware wallet industry with new investment
Summary
The firm announced on Nov. 21 that its venture capital arm, Binance Labs, made a strategic investment in Belgian hardware wallet firm Ngrave and will lead its upcoming Series A round.Founded in 2018, Ngrave specializes in self-custody and provides a security suite comprising three major elements: connectionless hardware wallet Zero, key backup tool Graphene and the Liquid mobile app.Yi He, co-founder of Binance and head of Binance Labs, pointed out that security remains one of the biggest challenges for crypto adoption. Unlike exchanges, hardware wallets allow users to better control their funds by securing their own private keys. If we can have a way to allow people to hold their own assets in their own custody securely and easily, that 99% of the general population can do it, centralized exchanges will not exist or probably dont need to exist, which is great, Zhao said.The latest news comes shortly after Ledger CEO Pascal Gauthier argued that Binance-owned software wallet Trust Wallet must offer the Ledger Connect option in order to provide better security to its users. The connection option essentially allows Trust Wallet users to store their keys on a Ledger device instead of storing them on a mobile phone or a computer.A spokesperson for Trust Wallet told Cointelegraph that the platform is planning to release its integration with Ledger Connect soon, as the feature is a top priority item. The representative also stressed that Trust Wallet users have full recoverability for accessing their funds on a chain as long as they remember their secret phrase or private key.