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Is Binance launching its own hardware wallet?

Binance is investing in the hardware wallet maker NGRAVE.

By Zenz van der Wielen
• 2 min read
Is Binance launching its own hardware wallet?

Binance is investing in the hardware wallet maker NGRAVE. Is the crypto giant now tuning its antenna toward cold storage?

Since the FTX crash, the crypto market has been trying to shake off its shock. The collapse of the crypto exchange made many investors painfully aware of the benefits of holding their crypto assets themselves. Binance CEO Changpeng Zhao (CZ) even called self-custody a human right on Twitter. That’s probably why the crypto giant is now taking part in a funding round for NGRAVE, a Belgian maker of hardware wallets.

"In volatile and turbulent times, it’s important to store your assets in a diversified way," explains Michael Wild, Head of Germany. It’s not Binance's first investment in an external wallet solution. Back in 2018 the crypto exchange bought the non-custodial provider Trust Wallet, which lets users send, store, and receive cryptocurrencies.

Now Binance is also turning its sights toward cold storage. According to Wild, they want to launch a joint product with NGRAVE. The Head of Germany declined to comment on whether this would be its own hardware wallet. But it’s plausible.

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