NGRAVE, a cryptocurrency hardware wallet manufacturer, announced today that it has completed a $6 million seed funding round.
The funding round saw participation from renowned DeFi and Web3 investors, including Woodstock Fund, Morningstar Ventures, DFG Group, Spark Digital Capital, Moonrock Capital, Mapleblock Capital, and multiple angel investors.
Funding NGRAVE’s global reach
The $6 million funding round will enable the company to expand its team in order to increase its global reach. NGRAVE’s flagship product, the ZERO wallet, has been sold out for months due to high demand, with the waitlist for the product now counting thousands of users.
The company told CryptoSlate that the funding will enable it to set up hubs worldwide in order to meet growing demand. The ZERO wallet has been sold across 90 countries to date and the company said it had plans to increase its reach even further.
Back in 2020, NGRAVE launched a hugely successful pre-order campaign on IndieGogo and Kickstarter, raising $425,000 from over 1,200 backers—all of which have received their ZERO wallets.
What makes ZERO a strong competitor to the already-established Trezor and Ledger wallets is its extensive security certification, the company told CryptoSlate. The wallet boasts the EAL7 certification, the highest rating in the Evaluation Assurance Level security evaluation, which means it’s able to provide its security features more reliably than lower graded products.
“Having experienced crypto hacks ourselves, we made it our mission to provide the crypto community the security comfort it deserves. That’s why we innovated to the extreme on both security and user experience,” the company’s co-founder and CEO Ruben Merre told CryptoSlate.
According to Merre, the seed round will kickstart NGRAVE’s exponential growth stage and make 2022 a breakthrough year for NGRAVE.
The company’s backers all seem to share this sentiment as well. Himanshu Yadav, the founding partner at Woodstock Fund, said that NGRAVE had the potential to solve a crucial problem in the digital asset space and deliver one of the most secure products to millions of users.