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Binance moves into the hardware wallet industry

Binance is making a move in the hardware wallet industry, with its venture capital arm investing in the cold wallet platform Ngrave.

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Binance is making a move in the hardware wallet industry, with its venture capital arm investing in the cold wallet platform Ngrave.

Binance Labs has made a strategic investment in the Belgian hardware wallet firm Ngrave and will lead its upcoming Series A round, the firm officially announced.

Yi He, co-founder of Binance and head of Binance Labs, pinpointed that security remains one of the biggest challenges for crypto adoption. Self-custodial wallets are one of the most secure methods for storing digital assets, adding that Binance is looking to continue backing startups that enhance user security.

Ngrave is not the first hardware wallet provider in Binance Labs’ portfolio. Binance Labs previously invested in the hardware wallet maker SafePal through its incubation program back in 2018. Binance has also been integrating SafePal’s solution into its platform, adding SafePal Mini App into Binance app in October 2022.

The ongoing cryptocurrency winter has accelerated the growth of the hardware wallet industry, while many centralized crypto exchanges were scrambling to maintain operations. Unlike exchanges, hardware wallets allow users to better control their funds by securing a private key. According to data from several studies released in July, the crypto hardware wallet industry could be growing at a faster pace than exchanges in the near future.

Binance CEO Changpeng Zhao even admitted that centralized exchanges may no longer be necessary as investors would shift to self-custodial solutions. The latest news comes shortly after Ledger Pascal Gauthier argued that Binance-owned software wallet Trust Wallet must offer the Ledger Connect option in order to provide better security to its users. The CEO declared in a tweet on Nov. 13. The connecting option essentially allows Trust Wallet users to store their keys on a Ledger device instead of storing them on a mobile phone or a computer.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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