{"id":272356,"date":"2022-11-22T02:00:03","date_gmt":"2022-11-21T20:30:03","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=272356"},"modified":"2022-11-22T11:11:43","modified_gmt":"2022-11-22T05:41:43","slug":"czs-call-for-self-custody-means-this-for-binance-and-its-future","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/czs-call-for-self-custody-means-this-for-binance-and-its-future\/","title":{"rendered":"CZ’s call for ‘self-custody’ means this for Binance and its future"},"content":{"rendered":"

The world\u2019s largest exchange, Binance, announced an investment that seems rather odd. This was especially that it may draw users away from the platform. <\/span><\/p>\n

Binance Labs, the chain-agnostic incubator and the venture capital arm of Binance, revealed a strategic investment in hardware wallet maker NGRAVE. Furthermore, the investment looks to be an attempt to capitalize on renewed calls for self-custody in the industry.\u00a0<\/span><\/p>\n

Greater push for self-custody<\/b><\/h3>\n

Recent developments in the crypto market have led to a distrust of centralized exchanges. The crypto community has been trying to wrap its head around the downfall of FTX. This has most certainly left several crypto firms struggling in its wake.\u00a0<\/span><\/p>\n

Suspension of withdrawals on multiple exchanges and crypto lending platforms, including BlockFi and Genesis, have given a bad rep to centralized platforms. \u201cNot your keys, not your crypto\u201d was a phrase that was first popularized during Celsius Network\u2019s bankruptcy proceedings. This basically meant that ownership of crypto was essentially taken away once an investor transfers them to a centralized exchange.\u00a0<\/span><\/p>\n

This sentiment witnessed a dramatic reaffirmation following FTX\u2019s collapse, which prompted liquidity issues for several other crypto firms. Retail investors who fell victim to sudden withdrawal suspensions are turning towards cold storage for their crypto. These include hardware wallets, especially in light of recent events.<\/span><\/p>\n

NGRAVE’s deal with Binance<\/b><\/h4>\n

NGRAVE is a Belgium-based blockchain and digital asset security provider that offers hardware wallets for crypto holders. According to the <\/span>blog post<\/span><\/a> by Binance, the exchange will lead the wallet maker\u2019s Series A funding round. The exact amount of investment has not been disclosed. Yi He, the co-founder of Binance and Head of Binance Labs, said,<\/span><\/p>\n

\u201cSelf-custodial wallets are one of the most secure methods for storing digital assets and through our investment in NGRAVE, we are looking to continue backing innovative startups that enhance user security.\u201d<\/span><\/p><\/blockquote>\n

Binance Chief Changpeng Zhao took to <\/span>Twitter<\/span> earlier this month to share his thoughts on the renewed calls for self-custody following the turmoil caused by FTX. He said, <\/span><\/p>\n

\u201cSelf custody is a fundamental human right. You are free to do it at any time. Just make sure you do do it right.\u201d<\/span><\/p><\/blockquote>\n

\n

Self custody is a fundamental human right.
You are free to do it at any time.
Just make sure you do do it right.
Recommend start with small amounts to learn the tech\/tools first.
Mistakes here can be very costly.
Stay #SAFU<\/a><\/p>\n

— CZ \ud83d\udd36 BNB (@cz_binance) November 13, 2022<\/a><\/p><\/blockquote>\n