Belgium-based cryptocurrency security firm NGRAVE announced recently that it had completed its Indiegogo crowdfunding campaign for its debut hardware wallet, the NGRAVE Zero.
The startup raised $431,772 in pre-order sales from 1225 backers for the first-of-its-kind hardware wallet. It will now aim to build on the faith that many cryptocurrency holders have shown that the new product will potentially topple existing hardware wallet solutions.
The total raise amount dwarfs the initial €25,000 campaign goal set by NGRAVE and confirms a market demand for a more secure crypto wallet, especially with wallet hacks on the rise.
The NGRAVE Zero wallet, as CEO Ruben Merre explained in a recent interview with Coinfomania, embodies features that make it a fully offline crypto hardware wallet, as well as the first to include a recoverable key back-up solution, just in case the wallet owner loses their private key.
Other prominent features include a secure key generation process where an “end-user knows that by the end of the interaction, it is very difficult for anyone [including NGRAVE] to know his final private key or seed,” and a friendly user-interface.
Commenting on the success of the campaign, Merre expressed delight for the new milestone which outperformed over 15 previous projects and resulted in NGRAVE closing the funding round at 8X of the second-best. He told Coinfomania in an email response:
Even though we launched the campaign in relatively unfavorable circumstances, with a.o. COVID-19 pushing a cancellation of high-converting offline events, the premium price tag of our product, the fact that it isn’t yet in the market, and an overall financial uncertain situation for many households, we managed to pull off an incredible campaign, and we’re very proud about that!
NGRAVE is also reportedly working with Chainlink to provide a remedy to the crypto death problem. Until now, the process of passing on crypto wealth to an heir at death is an Achilles heel for investors, but NGRAVE is uniquely proposing a solution that allows the transfer of the assets only after the confirmation of the death by decentralized oracles on the Chainlink network.