NGRAVE, the digital asset security company behind the coldest cryptocurrency hardware wallet, has partnered with VeraOne, a blockchain company, to provide maximum security for the gold-backed stablecoin called VRO.
The Belgium-based security firm made this known today in an official announcement. It confirms that its upcoming hardware wallet, the NGRAVE Zero, would also support the VRO token.
Issued by VeraOne, the VRO stablecoin is an ERC-20 token that is backed by 100% physical gold. The blockchain company seeks to continue with its parent company’s visions, Aucoffre.com, a platform that allows investors to trade gold in 2009.
The firm is regulated under Gibraltar’s Ministry for Economic Development, which gives it the approval to issue tokens backed by popular assets from the financial industry.
VeraOne is poised on using its VRO stablecoin as a medium of exchange that allows users to send value from their location to any part of the world. The price of a VRO token is pegged at one gram of physical gold.
Keeping users’ assets safe
The upcoming NGRAVE Zero popularly called the coldest crypto wallet, scheduled to launch in Q4 2020, would also support the VRO token, thus providing maximum security for the stablecoin, according to the announcement.
NGRAVE claims the hardware wallet has an advanced secured operating system of unparalleled security and has received the Evaluation Assurance Level (EAL7) certification.
Through the partnership, NGRAVE Zero users who store their VRO token on the flagship would not be exposed to online attacks, as the device functions offline, the security firm said.
Ruben Merre, CEO at NGRAVE commended VeraOne for the development of the gold-backed stablecoin while adding:
We are proud to support VRO on our secure and easy to use product suite, ultimately giving VRO HODLers real peace of mind, even in a crypto context.
NGRAVE has made significant efforts toward the preparation of the hardware wallet’s launch. In July, Coinfomania reported that NGRAVE raised more than $430,000 in pre-order sales of the NGRAVE Zero device from 1225 backers, dwarfing the initial €25,000 campaign goal projected by the company.
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