NGRAVE built for the scenario where the device itself is the target. The secure element carries the highest certification level found in consumer hardware, the case has no USB data port, no Bluetooth and no Wi-Fi, and the initial seed is generated from a physical entropy source rather than a software random number generator.
The air gap and the workflow
All communication is by QR code between the device and the Liquid companion app. A steel backup plate is included in the box, which is a sensible acknowledgement that most recovery failures are physical rather than cryptographic.
Where it falls short of its price
Firmware is not fully open, which sits awkwardly with a product whose entire proposition is trust minimisation — the strongest certification in the world still asks you to believe the code behind it. Chain coverage is decent but behind Keystone and Ledger, and at roughly triple the price of a BitBox02 the marginal security is physical assurance rather than a different class of protection.
Who should use it
Holders storing large amounts long term, for whom the physical threat model is real and the price is immaterial relative to the balance. For everyone else, a Keystone or BitBox02 delivers most of the benefit at a fraction of the cost.