Cryptocurrencies are digital-only assets that investors can delegate custody to a third party, such as an exchange, store in hot wallets, or rely on their own hardware wallets. Security concerns with online solutions and third-party risks (not your keys, not your coins) have increased the need for crypto investors to find offline, easy-to-use solutions to securely manage their crypto assets. This demand, along with a growing awareness of self-custody, is driving the expansion of the hardware wallet market, which is expected to reach 3.6 billion by 2031.
However, hardware wallet manufacturers need to overcome several challenges to compete effectively with software-based Web3 wallets. Unlike their software counterparts, hardware wallets require an upfront purchase and can be complex to use, especially for beginners. Additionally, like any physical wallet, hardware wallets are vulnerable to real-world security risks such as theft or structural damage — just like any physical wallet.
However, a well-designed hardware wallet can improve security without compromising accessibility. This is where NGRAVE, a digital asset security provider, steps in. The team believes that achieving air-gapped protection for cryptocurrency storage necessitates 100% offline usability, which hardware wallets and anti-tampering measures can provide. This means not having any connectivity like Bluetooth, NFC, WiFi or even USB to completely eliminate any hack or malware attempts.
NGRAVE applied this approach to its flagship product, the NGRAVE ZERO hardware wallet. As a fully offline wallet, ZERO only communicates with the outside world through verifiable QR codes. The device has a 4” touchscreen to help users create keys, manage wallets and sign transactions directly through ZERO’s swipe-and-tap user-friendly interface.
NGRAVE ZERO features its own interface for simple management of crypto assets. Source: NGRAVE
The anti-tampering protection protects the hardware wallet against physical damage and attacks, while the EAL7 certificate — one of the highest security levels in the blockchain and finance industry — ensures the keys stored on ZERO are safe against digital attacks.
The NGRAVE team is on a mission to help people “safeguard their wealth, so they are free to live the life they want.” Their security-first approach led to an end-to-end solution that combines security with ease of use. NGRAVE is currently raising a Series A round of funding.
The premise of a fully offline hardware wallet and the potential of NGRAVE’s tiered product line helped the team to get a seat at the Cointelegraph Accelerator — a program designed to boost promising Web3 and crypto startups. Down the line, NGRAVE plans to add more coins to its growing list of supported crypto assets and offer other wallet solutions that bridge the security of offline use and the flexibility of online connectivity. The team is also working on integration with Trust Wallet, MetaMask and other hot wallets, bringing passphrase support to its products as well as a portfolio tracking feature.
cointelegraph.com
