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CDS Startups NGrave Aims to Raise $15 Million

Startups

NGrave Aims to Raise $15 Million

Burak DANACI09/12/20221 Mins read501

NGrave Aims to Raise $15 Million in Series A Round

Hardware Wallet manufacturer NGrave aims to raise $15 million in its Series A round with a pre-investment valuation of $60 million.

Table of Contents

Binance Will Lead

As we mentioned in our article ‘Binance hardware wallet manufacturer made a strategic investment in NGRAVE’ last week, NGrave will hold a Series A round in the near future. According to some sources, the pre-investment valuation of the Series A financing round to be held is $ 60 million. Again, as we mentioned in our article published last week, Binance will lead NGRAVE‘s Series A round.

The Coldest Wallet

This project, which appears as a competitor to Ledger and Trezor, is a company based in Belgium. The company’s flagship product, called Zero, describes itself as ’the coldest wallet‘ and is claimed by the company to have the ’highest security certification in the world”. Zero has been sold to date with cumulative sales totaling $2.2 million.

The Rise of Hardware Wallet Sales

After the collapse of the FTX stock market, NGRAVE‘s sales were five times more in November than in the previous month. NGRAVE‘s Zero wallet currently appears on the website as ‘sold out’. Another product, Zero + Graphane, is seen as sold out and it is seen on the website that it will be back in stock soon.

Competitors Ledger and Trezor have also seen sales increase in the same way after recent events. According to the Ledger, most days and weeks of sales were made in November. In the statement made by Trezor, the demand for its product increased by more than 300% in mid-November.

Ngrave Security Will Meet Demand

According to Deck, NGRAVE‘s sales are projected to reach $400 million in a realistic scenario in 2026, and it aims to maintain 500 million users by 2032.

According to The Block’s Data Dashboard, crypto heists continue to plague the industry, with over $2.6 billion in funds stolen from DeFi protocols alone to date. The Hardware wallet manufacturer expects more users to join the crypto space in the future, which could increase the demand for security products.

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Burak DANACI

The author focused on financial markets after graduating from Anadolu University, Department of Economics. After meeting with blockchain technology in 2019, he produces content on youtube and twitter in this field.