NGRAVE Drives Evolution in Hardware Wallet Market with Fully Offline, Secure Cryptocurrency Storage Solution
Summary:
The importance of cryptocurrencies has boosted the demand for secure and user-friendly offline solutions, leading to an anticipated expansion of the hardware wallet market to $3.6 billion by 2031. To compete with Web3 software wallets, offline solutions need to overcome potential hurdles such as upfront costs and user complexity. NGRAVE, a digital asset security provider, introduced its product - the NGRAVE ZERO Hardware wallet - that enhances security and offers complete offline usability to protect against digital threats. The company plans to expand its services for improved online-offline connectivity and integration with other popular crypto wallets.
Investors can entrust the stewardship of cryptocurrencies, which are exclusively digital assets, to a third party like an exchange, use them in hot wallets, or store them offline with personal hardware wallets. The surge in caution about online solutions and the potential risks of third parties ('not your keys, not your coins') has heightened the interest of cryptocurrency investors in secure and user-friendly offline management of their valuable assets. As a result of this need and the increasing self-custody awareness, the hardware wallet market is predicted to grow to $3.6 billion by 2031. Nevertheless, hardware wallet makers need to tackle numerous hurdles to effectively compete with software-based Web3 wallets. Hardware wallets, in contrast to software solutions, require up-front purchase and can be complex for novices. Just like any tangible wallet, they also face physical security threats such as theft or physical damage. However, robustly built hardware wallets could enhance security without sacrificing usability. NGRAVE, a company specialising in digital asset security, lays emphasis on this belief. The NGRAVE team argues that totally offline usability, provided by hardware wallets and anti-tampering precautions, is integral to secure cryptocurrency storage, which means completely eliminating any form of connectivity like Bluetooth, NFC, WiFi or USB to thwart any hacking or malware threats. Building on this strategy, NGRAVE has developed its NGRAVE ZERO hardware wallet, a completely offline wallet, where the only communication with the external world is through verifiable QR codes. The 4” touchscreen on the device enables users to generate keys, operate wallets and validate transactions directly using the device's easy-to-operate swipe-and-tap interface. The NGRAVE ZERO comes with its own interface for easy cryptocurrency asset management. It also comes equipped with anti-tampering protection to secure the hardware wallet against physical damage and breaches, while the EAL7 certificate, an exceptionally high security standard in the blockchain and finance sectors, makes sure the keys kept on ZERO are safe from digital threats. The ultimate goal of the NGRAVE team is to enable users to "guard their wealth, so they can freely live the life they desire". Their priority for security propelled them towards a comprehensive solution combining safety with user-friendly design, while they are also in the process of raising official Series A funding. Their fully offline hardware wallet idea and the potential of NGRAVE's distinctive series of products helped the team to secure a place in the Cointelegraph Accelerator, a programme intended to ramp up promising Web3 and crypto start-ups. Further down the line, NGRAVE has plans to supplement its growing list of supported crypto assets and offer additional wallet solutions that seamlessly blend offline security with online flexibility, even planning integration with Trust Wallet, MetaMask and other hot wallets, and ushering in passphrase support for their products along with a portfolio tracking feature.
Published At
11/18/2023 10:00:00 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.