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Binance muscles in on hardware wallet sector with series A investment in NGRAVE

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Binance muscles in on hardware wallet sector with series A investment in NGRAVE

Binance muscles in on hardware wallet sector with series A investment in NGRAVE Samuel Wan · 7 hours ago · 2 min read

Binance Labs said investment in self custody wallets will encourage crypto adoption by giving users confidence.

2 min read

Updated: November 22, 2022 at 11:27 am

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Cover art/illustration via CryptoSlate

Binance Labs announced it will take the lead in an upcoming Series A investment round in hardware wallet maker NGRAVE.

Company co-founders Xavier Hendrickx, Ruben Merre, and Edouard Vanham launched NGRAVE in 2018 to make crypto a safer place for all.

Hendrickx had suffered multiple instances of lost and stolen crypto funds, including being a victim of the 2014 Mt. Gox hack. These experiences inspired him to address the problem of crypto security and launch NGRAVE.

The team wants to change the way people experience crypto by eradicating “the chance of loss and malicious hacking.”

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“Our mission, empower people to master their wealth so they are free to live the life they want.

Currently, the company’s product lineup includes the Zero “air-gapped” hardware wallet, meaning it connects by QR code, rather than USB, WiFi, Bluetooth, etc, a physical stainless steel key backup called Graphene, that incorporates an obfuscation mechanism, and the software interface called Liquid.

Binance sees hardware wallets as an emerging market

Commenting on the problem of crypto security, head of Binance Labs, Yi He, said the issue hinders mass adoption. She added that investing in NGRAVE is a step towards addressing the problem.

“Security remains one of the biggest hurdles for crypto adoption. Self-custodial wallets are one of the most secure methods for storing digital assets and through our investment in NGRAVE, we are looking to continue backing innovative startups that enhance user security.”

Similarly, Investment Director at Binance Labs, Tyler Z, said hardware wallets are perhaps the safest way to store cryptocurrency, especially during times of market volatility.

Binance Labs incubated self-custody solution provider SafePal back in 2018. SafePal’s product offerings include software and hardware wallets, with the latter priced at less than NGRAVE’s solution.

Self-custody is the way forward in wake of the FTX disaster

Following FTX filing for Chapter 11 bankruptcy on Nov. 11, the self-custody of assets has taken on greater significance.

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Days after the bankruptcy filing, Binance CEO Changpeng Zhao (CZ) tweeted that self-custody is a fundamental human right while reminding his followers they are “free to do it at any time.”

Giving advice, CZ encouraged users to start small and get familiar with how self-custody solutions work. Warning that “mistakes here can be very costly.”

Exchanges

Binance Labs leads funding round for GoPlus Security to advance web3 security infrastructure

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Binance Labs leads funding round for GoPlus Security to advance web3 security infrastructure

Binance Labs leads funding round for GoPlus Security to advance web3 security infrastructure Josh O’Sullivan · 3 hours ago · 1 min read

GoPlus Security, a company that covers major blockchain networks with multidimensional risk detection, receives funding from Binance Labs.

1 min read

Updated: December 8, 2022 at 8:29 pm

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Cover art/illustration via CryptoSlate

Binance Labs, the venture capital and innovation arm of Binance, has announced that it is leading private round II funding for GoPlus Security, a company that provides open, permissionless, user-driven security services for the Web3 environment. GoPlus’s multidimensional risk detection covers most major blockchain networks, making it a key player in the growing field of Web3 security.

Binance Labs is leading a private round II for GoPlus Security. GoPlus Security has developed a real-time, dynamic, and automated security detection platform that covers token, NFT, malicious address, approval security, contract security and dApp security https://t.co/Vs4XniMggN

— Wu Blockchain (@WuBlockchain) December 8, 2022

With this funding, GoPlus Security will be able to develop its technology further, create a security services marketplace, and attract top talent to help build a safer and more user-friendly Web3 ecosystem.

Yi He, Co-Founder of Binance and Head of Binance Labs, commented on the funding round for GoPlus Security:

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“Security is essential to the Web3 ecosystem and community. By supporting consumer-facing solutions like GoPlus Security, we hope to see how security services for end users can evolve and thrive.”

GoPlus Security’s real-time, dynamic, and automated security detection platform covers token, NFT, malicious address, contract security, and dApp security. The company handles over 2 million daily data calls and is the most significant security data provider on 13 blockchain networks.

Nicola Wang, Investment Director at Binance Labs, commented on the importance of a robust security infrastructure for Web3 development and the potential of GoPlus Security:

“It is crucial to have a strong security infrastructure for Web3 development, and it is exciting to see a professional team like GoPlus Security making substantial progress towards their long-term vision.”

GoPlus Security is preparing to launch a security services marketplace by the end of 2022, according to the Binance Blog announcement.

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Crime

Galaxy Digital CEO Mike Novogratz says SBF should be jailed

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Galaxy Digital CEO Mike Novogratz says SBF should be jailed

Galaxy Digital CEO Mike Novogratz says SBF should be jailed Richard Adrian · 8 hours ago · 2 min read

Bitcoin investor and Galaxy Digital head Mike Novogratz called SBF delusional about the FTX incident and insisted on the need for propagators of the FTX crash to face criminal charges.

2 min read

Updated: December 1, 2022 at 3:25 pm

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Cover art/illustration via CryptoSlate

Galaxy Digital CEO Mike Novogratz called the FTX debacle “a crisis of confidence”  during an exclusive CNBC interview where he claimed the incident had created a deficit of trust across financial markets. 

Novogratz described the personality of SBF as delusion and one prone to grandiosity while calling out the FTX incident as a criminal account and propagators deserving prosecution. The Bitcoin whale argued the need for tight regulations around digital assets, particularly after the fall of SBF’s exchange. 

“It was delusional. Let’s be really clear. Sam was delusional about what happened and his culpability in it,” says @novogratz. “He needs to be prosecuted. He will spend time in jail. And it wasn’t just Sam. You don’t pull this off with one person.” pic.twitter.com/0SSh1r8XIL

— Squawk Box (@SquawkCNBC) December 1, 2022

According to Novogratz, Crypto markets have failed to regulate themselves in an industry where everything depends on building trust with customers.

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“I think the money side of crypto, companies like ours that buy and sell and lend and do derivatives, are going to get regulated and should be,” Novogratz insisted during the CNBC interview.

He pointed out the debacle had resulted in people thinking there would be “a black swan” around every corner or sociopaths delivering different things from what they promised.

The CEO also talked about FTX’s lack of an in-house accounting department that led to the exchange’s messy balance sheet and the crude mistake of mixing up both FTX-Alameda financials. 

While other exchanges had clear terms on how customer funds would be utilized or stored, FTX allowed Alameda Research to trade with client funds instead of segregating individual tokens and accounts.

Novogratz suggested customer funds should never be lent out without seeking customer permission, and any digital assets platform ought to have clear terms and conditions.

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Meanwhile, the investor also expressed his belief in a positive Bitcoin future, where he said Bitcoin, Ethereum and the blockchain will live on after the FTX crash. However, he warned investors of more difficult times ahead and urged the industry to remain cautious. 

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Bear Market

BlackRock lost $24M in FTX collapse

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BlackRock lost $24M in FTX collapse

BlackRock lost $24M in FTX collapse Zeynep Geylan · 10 mins ago · 1 min read

BlackRock’s CEO said the investment was small and not part of Blackrock’s core business.

1 min read

Updated: December 1, 2022 at 11:24 am

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BlackRock‘s CEO Larry Fink revealed that the asset manager had invested $24 million in FTX, which it considers lost.

Fink added that the investment was small and not part of Blackrock’s core business. Fink confirmed the loss on Nov. 30 during an interview with New York Times columnist Andrew Sorkin.

BlackRock was misled?

After Fink’s confirmation, Sorkin mentioned that the majority of the large firms like Blackrock and Sequoia Capital had invested in FTX, and they all lost.

“It appears like nobody was minding the store.”

Sorkin said and asked about Fink’s opinion on the matter.

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Fink said that he didn’t think nobody was “minding the stores.” “If you look at the Sequoias of the world,” Fink said, “they’ve had unbelievable returns over a long period of time. I’m sure they did the due diligence.”

However, Fink also acknowledged that Sequoia may have been misled during its due diligence. He said:

“Could they [Sequoias of the world] have been misled? Could they have done other things? Have we been misled in the small little investment we did? Sure. But until we have more facts of it, I will not speculate.”

Sequoia Capital revealed that it invested $200 million in FTX, and marked its investment down to zero on Nov. 10,

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