Binance to fund development of cold cryptocurrency wallets after FTX exchange crash

Binance, the world’s largest cryptocurrency exchange, has announced plans to invest in NGRAVE, a manufacturer of cold crypto wallets. According to the exchange’s representatives, the purpose of financing NGRAVE is to increase the security of the digital asset sector after the bankruptcy of the FTX exchange.

«Hardware wallets are one of the safest solutions for storing cryptocurrencies, especially in volatile and turbulent markets. NGRAVE’s premium product suite offers a user-friendly and intuitive interface combined with structured data security innovations,» said Binance Labs Chief Investment Officer.

It is not yet known how much Binance is investing in NGRAVE and how much it will cost the company to produce hardware wallets for cryptocurrencies. According to NGRAVE representatives, their company offers the «safest» financial product in the world — the ZERO hardware wallet.

It is worth reminding that the demand for cryptocurrency wallets has increased by 300%, as reported by representatives of Trezor, a cryptocurrency wallet manufacturer, early last week. According to CEO Josef Tatek, Trezor’s sales volume is now even higher than a year ago, when BTC $61,553.05 Bitcoin -2.32% Market capitalization $1.21 trillion VOL. 24 hours $1.27 billion set a historical high.