Crypto’s “Coldest Wallet” Creator NGRAVE Raises $6 Million in Seed Round

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Blockchain
Crypto’s “Coldest Wallet” Creator NGRAVE Raises $6 Million in Seed Round

Belgium-based “Coldest” cryptocurrency hardware wallet provider NGRAVE today announced it had successfully concluded a seed round fundraised worth $6 million.

NGRAVE Completes Seed Round Fundraise

Wallet security is one of the most significant factors to consider while storing crypto-assets with a long time-frame in mind.

The crypto bull run that sparked in 2021 has made the issue of wallet security all the more critical as the frequency of wallet hacks and attacks rose multi-fold with the influx of new, uninformed investors into the digital assets industry.

Accordingly, NGRAVE, a Belgian cryptocurrency hardware wallet provider that offers the world’s ‘Coldest’ wallet today announced it had successfully raised $6 million in its seed round fundraise.

The creator of the Coldest Wallet witnessed considerable interest from several major DeFi and Web3 investors such as Woodstock Fund, Morningstar Ventures, DFG Group, Spark Digital Capital, Moonrock Capital, Mapleblock Capital, multiple private crypto C-level angel investors, and top crypto key opinion leaders.

The strong interest in NGRAVE hardly comes as a surprise as the firm seeks to disrupt the security and user experience with regard to crypto storage solutions.

NGRAVE also holds the distinction of being the most secure financial product around the world boasting the EAL7 security certification which makes it safer than any bank or crypto-custody solutions, including market leaders Ledger (EAL5+), and Trezor (no certification).

In addition, NGRAVE won the AIBC Summit 2021 crypto wallet of the year award on account of its top-notch security solutions without compromising on user experience.

It should be recalled that earlier in 2020, NGRAVE launched the most successful crypto wallet pre-order campaign on IndieGogo and Kickstarter ever. The successful campaign helped the company raise $450,000 from 1,225 backers, all of whom have received their orders.

Funds to Be Used to Expand Business Footprint

Per the announcement, NGRAVE will use the proceeds from the $6 million seed funding round to expand the team and increase its global reach. At present, the product is sold out due to overwhelming demand.

However, users can still sign up for waitlist and secure their spot in the queue. Besides, NGRAVE is slated to organize a new and more significant funding round in 2022 .

Notably, NGRAVE’s “Coldest Wallet” has already been sold in more than 90 countries, solidifying the strong demand for secure crypto storage solutions.

For the uninitiated, NGRAVE was founded in the middle of the 2018, early-2020 crypto bear market. NGRAVE is committed to setting up numerous experiments to fulfill its vision of developing a full-scale ecosystem.

Commenting on the development, Ruben Merre, CEO and Co-founder of NGRAVE, said:

“Having experienced crypto hacks ourselves, we made it our mission to provide the crypto community the security comfort it deserves. That’s why we innovated to the extreme on both security and user experience. This seed round represents the kickstart for our exponential growth stage and with the backing of several strategic investors, we are confident that 2022 will be a breakthrough year for NGRAVE.”

Similar sentiments were echoed by Himanshu Yadav, Founding Partner at Woodstock Fund. He said:

“When you bring the world’s best entrepreneurs, innovators, scientists, and business experts together to solve a crucial problem in the digital assets space, you create the most secure product for millions of users and thousands of enterprises. That is what NGRAVE is all about and why it is a no-brainer investment for us.”

How Does the Wallet Work?

NGRAVE’s product suite is a 3-tier solution.

The first of these is ZERO, the offline touch-screen hardware wallet that enables users to securely store and transact their crypto-assets.

Second is GRAPHENE, the stainless steel encrypted backup solution that guarantees that users never lose access to their keys. GRAPHENE is not only built to weather extreme conditions but can also be recovered in the event of loss.

Finally, there’s LIQUID, a convenient mobile app that connects users to blockchain in real-time without ever exposing their private keys.

Aisshwarya Tiwari

Aisshwarya is currently working as the Chief Editor at crypto.news and holds more than 4 years of experience in the digital assets industry. He holds an undergraduate degree in Commerce with Honours and a post-graduate diploma in Liberal Studies. Before entering the crypto industry, Aisshwarya worked as an SAP Consultant for a global IT firm. He also cleared the CFA Level 1 exam before pivoting to the crypto industry due to its novel and exciting propositions.