Belgian-based hardware wallet pioneer NGRAVE has successfully wrapped up a seed funding round, amassing an impressive $6 million.
NGRAVE has earned its reputation by creating what it proudly dubs “the coldest” wallet – an ingenious hardware wallet solution. Back in 2020, the company kicked off an extraordinarily prosperous crowdfunding campaign, raking in over 380,000 Euros to further develop this project. After eighteen months of meticulous craftsmanship, NGRAVE has delivered its first batch of these innovative devices, marking an important milestone. Read our NGRAVE ZERO review.
The seed funding round was spearheaded by Woodstock Capital Fund and Morningstar Technologies, both headquartered in Dubai. This momentum also attracted Imec.istart Fund and various smaller cryptocurrency firms.
Navigating Banking Challenges
While a good portion of international seed investors in the cryptocurrency domain enthusiastically contributed their share in stablecoins, it revealed a new challenge. The process of transferring these funds into a Belgian bank account proved to be anything but straightforward. Traditional banks appear wary of funds originating from beyond the established banking network. In light of these challenges, NGRAVE is now contemplating a shift to a more crypto-friendly jurisdiction to expedite its progress.
Future-Proofing with New Funds
With this newfound financial clout, NGRAVE is poised to expand its workforce and refine its hardware wallet to align with emerging trends, particularly NFTs and the burgeoning metaverse.
NGRAVE ZERO, the company’s flagship product, has already gained acclaim, including the prestigious title of Cryptocurrency Wallet of the Year, awarded at the AIBC Summit in Malta. However, to mount a serious challenge against established leaders like Ledger, NGRAVE understands that it requires additional resources.
The French hardware wallet giant, Ledger, managed to amass an impressive $380 million last year, establishing a robust financial foundation. NGRAVE is setting its sights high, intending to raise 50-75 million Euros in an upcoming financing round.
To be among the privileged users of NGRAVE ZERO, simply join the waiting list on NGRAVE’s official website.
