NGrave

NGRAVE (legal entity Ngrave.IO SA) is a Belgian company that designs self-custody hardware and software for holders of cryptocurrency, tokens and NFTs. Its product line centres on three integrated components: the NGRAVE ZERO, an air-gapped hardware wallet with a 4-inch touchscreen, custom operating system, biometric fingerprint reader and metal casing with four-layer tamper resistance; NGRAVE GRAPHENE, an encrypted and recoverable stainless-steel plate system for backing up the private key, split across an upper and lower plate that can be stored separately; and NGRAVE LIQUID, a free iOS companion app that syncs with the ZERO over one-way QR codes so that private keys never leave the offline device.

The ZERO communicates with the mobile app only through QR codes and has no USB, Bluetooth or Wi-Fi connectivity for transaction signing. The company states the device holds an EAL7 security certification, which it presents as the highest such certification level for a financial product, and contrasts this with EAL6+ ratings it attributes to competing devices. The wallet supports 15 coins — including Bitcoin, Ethereum, Bitcoin Cash, Dash, Zcash, Litecoin, BNB, XRP, Dogecoin, Tezos, MultiversX (EGLD), Groestlcoin, Solana, Stellar, Polygon and Avalanche — along with all ERC-20 tokens on Ethereum, all ESDT tokens on MultiversX and Ethereum-based NFTs. Integrations with Rabby Wallet and MetaMask extend usage to other EVM chains while signing remains offline. The LIQUID app also offers crypto buying via on-ramp providers, swapping, and access to third-party services including BTC Direct private trading and Arch Lending crypto-backed loans.

Founding story

According to the company, NGRAVE grew out of co-founder Ruben Merre's personal and professional experience of risks and vulnerabilities in the crypto space. Rather than leaving the sector after setbacks, he continued working on blockchain technology and, with the wider team, set out to combine security standards with usable design for self-custody.

Business model

Hardware-led consumer sales: NGRAVE sells physical devices and accessories directly through its own online store and via Amazon US, complemented by a free companion mobile app and in-app services from third-party partners.

Revenue comes from one-off product sales — the ZERO wallet at $398, a wallet-plus-backup combo pack at $498, an ultimate combo pack at $568, and accessories such as replacement GRAPHENE lower plates ($28), privacy screen protectors ($35) and USB-C cables ($18). Payment is accepted by card, PayPal, Apple Pay, Google Pay and in BTC, ETH and USDC. Belgian filings show no published turnover figure and a 2024 gross margin of €622,296 alongside a net loss of €903,297.

Traction

The NGRAVE LIQUID iOS app holds a 4.6 out of 5 rating from 85 App Store ratings and has shipped frequent releases through 2025 (version 2.12.0 in August). Belgian filings report 14.3 FTE in 2024 and a positive gross margin of €622,296 for that year after negative gross margins in 2021-2023.

Latest developments

Firmware 1.8, described as a foundational update, rolled out an open Universal QR Protocol, faster scanning, Polygon token support and improved fingerprint handling. The LIQUID app added push notifications (May 2025) and shipped performance and stability updates through version 2.12.0 in August 2025, including fixes to swaps, buy flows and dashboard refresh speed. Most recent annual financial statements were filed on 23 July 2025.