NGRAVE

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NGRAVE is a digital asset and blockchain security company offering a secure and easy-to-use end-to-end solution for individuals and businesses to manage their cryptocurrencies with maximum peace of mind.
NGRAVE's purpose is to empower people and businesses financially and to aid them in taking true ownership of what is theirs.

Background/History

2017. Xavier Hendrickx opens up the smart contract balance of SwarmCity’s ICO. He expects to see 44,000ETH ($10M at the time). Instead, the balance is empty. Everything is gone. With some fellow ethical hackers, Hendrickx figures out the exploited vulnerability. In the next 48 hours, they attack 500 other blockchain projects, secure $208M worth of crypto, and return the funds to their rightful owners after the vulnerability is fixed. In Hendrickx, a passion for security is ignited.

April 2018. Ruben Merre, Edouard Vanham and Xavier Hendrickx are three crypto investors that know how it feels to be hacked. That, just like the vast majority of users, know how it feels when you log in to your exchange account and for a moment you only feel anxiety on whether your balance won't say zero. The three ask themselves a very simple question: “Which solution would we trust with our first till our very last bitcoin?”. No answer. They decide to build it themselves. NGRAVE is born.

2018 - 2020 Most of the design, development, and industrialization phases take place in the next two years. NGRAVE is particularly adept in surrounding itself with strategic partners that are in the top tier of their niche worldwide. Examples include the world leading R&D and innovation hub for nanoelectronics, sensor technology and chip manufacturing, imec, also known for taping the first atom-size (3nm) chip in the world. Imec's istart Fund invests in NGRAVE and also offers its expertise to build NGRAVE's product suite from the ground up. Moreover, COSIC, the world's leading research group for applied industrial cryptography, known for inventing the world's Advanced Encryption Standard (AES 256), and recently selected as the winner of NIST's 4-years long post-quantum cryptography standard competition, becomes a strategic partner of the company. Many other thought leaders join the endeavor, including Prof. Dr. Jean-Jacques Quisquater, legendary cryptographer and second reference of the Satoshi 2008 bitcoin paper.

June 2020. NGRAVE launches its pre-orders on Indiegogo, raising $450,000 in one month(2), posting the most successful coldwallet crowdfunding campaign in history, besting 15 hardware wallet projects that did a similar crowdfunding campaign before them, and with a 9X on the second best wallet campaign, which raised $50,000.

2021. NGRAVE has successfully developed and industrialized the world's top tier solution for managing crypto securely and seamlessly. NGRAVE starts raising its Series A funding round.

Product

NGRAVE offers the first true end-to-end solution for users to manage their crypto, with a product suite that provides an effective answer to all the what-ifs in a crypto user’s customer journey, from fiat-crypto onramp (the first purchase of one's crypto) to inheritance planning (making sure that the next generation can easily and safely inherit the user's crypto portfolio). A central metric is the user’s peace of mind, measured by NGRAVE’s Peace of Mind index.


The product suite consists of:

ZERO - “The Coldest Wallet”: The most secure and easy-to-use hardware wallet in the industry.
          ○ 100% offline, removing all online attack vectors.
          ○ The only solution in the financial services industry with an EAL7 security certification, the highest in the world.
          ○ Built from scratch to be tamper resistant.
          ○ High-end, seamless touch screen device experience, with the user’s coins always “just one tap away”.
GRAPHENE - “The Coldest Backup”: A key backup solution that covers all the “what-ifs” in the user’s journey:
           ○ Resistant to extreme circumstances (e.g. a house fire).
           ○ Encrypted: undecipherable if found by a 3rd party.
           ○ Recoverable: can be restored when lost.
           ○ Inheritable via secure, easy recovery mechanisms.
LIQUID: Mobile app enabling the last-mile communication with the blockchain:
           ○ Communicates with ZERO through one-way QR codes. After syncing, the user can consult and manage his portfolio in real-time. Private keys remain offline.
           ○ Plug & play: replaceable by any 3rd party hot wallet.


Download the Whitepaper.

Team

Updates

  • February 2021: Start raising Series A funding round.

Competitive Landscape

Competitive benchmarking can be found here: https://www.ngrave.io/products/zero. The cryptocurrency hardware wallet market is currently quite concentrated with less than a handful of relevant players. NGRAVE aims to take a large part of overall market share with a product that is superior in security, ease of use, and customer service.

SWOT

More detailed version upon request

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Goals/Results

Goal Set Goal Target Date Result
May, 2020 EAL7 security certification announcement May, 2020 Complete
May - June, 2020 Indiegogo pre-order campaign launch May - June, 2020 Complete, $454,000 pre-sales EOM from 1400 orders and 72 countries (most successful coldwallet pre-order campaign ever)
January 31, 2021 Fully developed NGRAVE product suite January 31, 2021 Complete
April 20, 2021 Worldwide shipping batch ZERO and batch ONE April 20, 2021 Pending
May 1, 2021 Series A funding round May 1, 2021 Pending
February 1, 2025 Today, holding cryptocurrencies is courageous. Tomorrow, it needs to be customary. February 1, 2025 Pending

See Also

Cryptoslate - Survey reveals how crypto users handle security after Ledger leak, Jan 19, 2021
Cointelegraph - Secure Bitcoin self-custody: Balancing safety and ease of use], Jan 17, 2021
NASDAQ - Crypto Is Soaring - But Is Your Portfolio Secure Enough?, Jan 13, 2021
Bloomberg - Cypherpunk Holdings Inc. Invests in Next-Generation Hardware Wallet Company NGRAVE Dec 30, 2020
Cointelegraph - Ledger data leak: A ‘simple mistake’ exposed 270K crypto wallet buyers, Dec 24, 2020
Forbes - Massive Hack Exposes Bitcoin’s Greatest Weakness Dec 23, 2020
Cryptoslate - Are you really SAFU? The “coldest” crypto wallet wants to know Dec 1, 2020
Cointelegraph - MicroStrategy Buying Bitcoin Shows Institutional Investors Seek to De-Risk, Aug 14, 2020
Cointelegraph - A Deep-Dive Into Some of the ZERO Wallet's Advanced Security Features, July 24, 2020
Cointelegraph - NGRAVE raises over 430K from hardware wallet crowdfunding campaign, July 8, 2020
Cointelegraph - Ngrave Launches Physical Encrypted Private Key Backup, Jun 10, 2020
Cointelegraph - NGRAVE Hard Wallet Hits 450% of Crowdfunding Goal Within Two Days, May 29, 2020
Cointelegraph - Legendary Cryptographer on Building the First Blockchain in The '90s, May 20, 2020
Cointelegraph - Ngrave Releases More Details of 'World's Most Secure Hardware Wallet, May 20, 2020
Cointelegraph - Ngrave Announces ‘Military-Grade’ Hardware Crypto Wallet, April 27, 2020

References


External Links

Official website
Official blog
Official whitepaper
Beyond Mnemonic Phrases: The Path to the NGRAVE Perfect Key
Safety beyond the grave through Chainlink and NGRAVE
The State of Crypto Security - Q1 2021
NGRAVE uses QR codes to keep its hardware wallet 100% offline
NGRAVE’s GRAPHENE is an encrypted and everlasting backup for your private keys
NGRAVE’s ZERO Hardware Wallet Is The Coldest Wallet Of Them All