Ngrave
Ngrave is a Belgian company that makes the Ngrave Zero, an air-gapped hardware wallet that signs only by QR code, together with a steel backup and a mobile companion app.
What Is Ngrave?
Ngrave, written NGRAVE by the company, is a Belgian hardware wallet maker founded in 2018. In a January 2026 restructuring its core assets were acquired by long-term investors. It sells three products: the Ngrave Zero, an air-gapped hardware wallet; Graphene, a stainless-steel backup; and Liquid, the companion app for iOS and Android.
The Zero signs only by QR code and has no Bluetooth, NFC, Wi-Fi or USB data connection. It has a 4-inch touchscreen, a camera, a battery and an optional fingerprint sensor. The PIN is entered on a scrambled keypad, and the device wipes itself after 10 wrong attempts.
The backup is called the Perfect Key. It can also be displayed as a standard 24-word BIP39 phrase, so it can be recorded on any metal backup. Graphene, which stores it on two steel plates, is sold separately.
The Zero's firmware is closed source and no audit report has been published. Ngrave claims CC EAL5+ for the secure element and EAL7 for the operating system, but no public certificate names the Zero. In October 2026 attackers hijacked the Liquid app's push-notification provider and sent a fake security alert leading to a phishing site. Users who entered their recovery phrase there lost funds; Ngrave says devices and keys were not breached.
A hardware wallet is a dedicated device that keeps private keys offline and signs transactions internally, so the keys never reach an internet-connected computer or phone.
An air-gapped wallet is a cryptocurrency wallet that remains completely offline, disconnected from the internet, to prevent exposure to online threats and attacks.
Read full definition: Air-Gapped WalletA metal backup is a metal plate with a wallet's recovery phrase stamped or engraved into it; it withstands fire and water far better than paper.
Read full definition: Metal BackupA companion app is the phone or desktop software paired with a hardware wallet: it shows balances, prepares transactions for the device to sign and installs updates.
Read full definition: Companion AppQR Code Signing is a method used in cryptocurrency transactions where a QR code is generated to confirm and sign a transaction, enhancing security and user convenience.
Read full definition: QR Code SigningBluetooth Connectivity enables wireless communication between devices, like hardware wallets and smartphones, using Bluetooth or Bluetooth Low Energy (BLE) for secure data transfer.
Read full definition: Bluetooth ConnectivityNFC Connectivity in cryptocurrency enables contactless transactions using near-field communication, allowing users to sign or authorize actions by tapping their device to a reader.
Read full definition: NFC ConnectivityA touchscreen display is a screen that allows users to interact with a device by touching the surface, commonly used in hardware wallets for easy navigation and transaction confirmation.
Read full definition: Touchscreen DisplayBiometric authentication unlocks a wallet with a fingerprint or face instead of, or alongside, a PIN.
Read full definition: Biometric AuthenticationPIN Protection is a security feature that requires a personal identification number (PIN) to access a cryptocurrency wallet or device, preventing unauthorized access.
Read full definition: PIN ProtectionAuto-Wipe is a security feature that automatically erases a device's data after a set number of failed login attempts, protecting sensitive information in cryptocurrency hardware wallets.
Read full definition: Auto-WipeA backup in cryptocurrency is a secure copy of a wallet's seed phrase or private keys. It enables recovery of funds if the original wallet is lost or damaged.
Read full definition: BackupBIP39 is a standard for generating mnemonic seed phrases that are used to create deterministic wallets and securely back up cryptocurrency private keys.
Read full definition: BIP39Firmware is the software that runs on a hardware wallet itself: it generates keys, shows transaction details on the screen and signs.
Read full definition: FirmwareEAL certification (Evaluation Assurance Level) under Common Criteria shows how rigorously a hardware component, such as the secure chip of a hardware wallet, was evaluated, from EAL1 to EAL7.
Read full definition: EAL CertificationA secure element is a tamper-resistant chip built to store secrets and resist physical attacks such as side-channel analysis and fault injection.
Read full definition: Secure ElementA mnemonic phrase is a set of words that stores a cryptocurrency wallet's private keys, allowing users to recover access if lost.
Read full definition: Mnemonic PhraseReal-World Examples
Example 1: A Liquid user receives a push notification about a security problem, with a link to a page that asks for the Perfect Key. She closes it: a notification from a real app can still be fake, and a backup is never typed into a website.
Example 2: To send funds, a user scans the QR code shown by the Liquid app with the Ngrave Zero, checks the details on its touchscreen and lets the phone scan the signed QR code. No cable or radio link is involved.
Example 3: An owner without Graphene displays the Perfect Key as 24 BIP39 words and stamps them into a generic steel plate.
A backup in cryptocurrency is a secure copy of a wallet's seed phrase or private keys. It enables recovery of funds if the original wallet is lost or damaged.
Read full definition: BackupQR Code Signing is a method used in cryptocurrency transactions where a QR code is generated to confirm and sign a transaction, enhancing security and user convenience.
Read full definition: QR Code SigningA touchscreen display is a screen that allows users to interact with a device by touching the surface, commonly used in hardware wallets for easy navigation and transaction confirmation.
Read full definition: Touchscreen DisplayBIP39 is a standard for generating mnemonic seed phrases that are used to create deterministic wallets and securely back up cryptocurrency private keys.
Read full definition: BIP39Ngrave hardware wallets
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Frequently Asked Questions
Can I back up an Ngrave Zero without buying Graphene?
Yes. The backup, called the Perfect Key, can also be displayed as a standard 24-word BIP39 phrase, so it can be recorded on any metal backup, for example stamped into a generic steel plate. Graphene, which stores the Perfect Key on two steel plates, is sold separately and is not required.
How does the Ngrave Zero exchange data with the Liquid app?
Only by QR code. The Zero has no Bluetooth, NFC, Wi-Fi or USB data connection. To send funds you scan the QR code shown by Liquid with the Zero, check the details on its touchscreen and let the phone scan the signed QR code. No cable or radio link is involved.
What happened in the October 2026 Liquid phishing incident?
Attackers hijacked the Liquid app's push-notification provider and sent a fake security alert that led to a phishing site. Users who entered their recovery phrase there lost funds; Ngrave says devices and keys were not breached. A notification from a real app can still be fake, and a backup is never typed into a website.
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