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January 18, 2022
Belgian hardware wallet maker NGRAVE has completed a seed funding round, raising $6 million.
NGRAVE developed a revolutionary hardware wallet it dubbed "the coldest" wallet. And in 2020, it raised more than 380,000 Euros in a highly successful crowdfunding campaign for the project. It took the company another year and a half to deliver the first devices, but NGRAVE is now ready to take another step.
Woodstock Capital Fund and Morningstar Technologies, both from Dubai, led the funding round. Imec.istart Fund and many smaller cryptocurrency companies also participated.
Many of the international seed investors from the cryptocurrency sector made their contributions in stablecoins. Getting those funds into a Belgian bank account turned out to be challenging. Banks are suspicious of funds originating from outside the legacy banking system.
To eliminate such friction and move forward faster, NGRAVE is now considering moving to a more crypto-friendly country.
The funds raised through the seed round will allow NGRAVE to expand its team and develop its hardware wallet to respond to new trends such as NFTs and the metaverse.
NGRAVE ZERO, the startup’s flagship product, has already made headlines. It bagged the Cryptocurrency Wallet of the Year award at the AIBC Summit in Malta. But to successfully challenge the market-leading Ledger, NGRAVE will need more money.
The French hardware wallet maker Ledger raised $380 million last year and is currently sitting on a pile of cash. NGRAVE hopes to raise 50-75 million Euros more in a new financing round.
To grab an NGRAVE ZERO, join the waiting list on the NGRAVE website.