Home CryptocurrencyBitcoin 1inch launches a proprietary hardware wallet with the growing trend of custom escrow

1inch launches a proprietary hardware wallet with the growing trend of custom escrow

by SuperiorInvest

Decentralized exchange (DEX) aggregator 1inch Network is the latest cryptocurrency platform to move into the hardware wallet industry amid the rise of self-governance.

On January 19, 1inch officially launched the 1inch Hardware Wallet, a proprietary hardware wallet developed by an independent team working within the 1inch Network.

To ensure maximum security, the 1-inch hardware wallet is “fully air-gapped”, meaning it has no direct connection to the internet and requires no cable connection.

“All data is exchanged using QR codes or optionally NFC,” said 1inch, adding that the 1inch Hardware Wallet also has no buttons.

The upcoming hardware wallet comes in the size of a bank card with a 2.7-inch grayscale E-Ink touchscreen display. The waterproof crypto wallet is equipped with a durable Gorilla Glass 6 surface and a stainless steel frame. The device supports wireless charging with a Li-Po battery designed to last around two weeks of use.

One of the specific features of the 1-inch hardware wallet is that it follows the design of the Apple product line. The wallet is available in five colors, including hexagon, graphite, sierra blue, silver and alpine green, to match the iPhone 13 range.

“There will be two limited editions in pink and gold with some design changes and matching NFTs,” a 1inch spokesperson told Cointelegraph.

1 inch hardware wallet designs at launch. Source: 1inch Network

1inch isn’t the only crypto firm promoting its hardware wallet in an attempt to capitalize on Apple’s popularity. Last year, French hardware wallet provider Ledger announced a collaboration with Tony Fadellinventor of the iconic iPod Classic model, to develop its latest cryptocurrency wallet, Ledger Stax.

Related: How do crypto hardware wallet companies make money?

1inch has not disclosed when exactly the company plans to start selling the 1inch Hardware Wallet, as it plans to continue development and security improvements in the near future.

“Next month we’ll be launching a contributor program so everyone will have the opportunity to really improve the device themselves,” said a 1inch representative, adding that documentation and source code will be available on GitHub.

1inch’s entry into the hardware wallet industry comes amid the rise of self-governance and distrust of centralized crypto exchanges (CEX). Major hardware wallet providers like Ledger and Trezor saw a significant increase in traffic and sales when crypto investors were triggered to offload their holdings from CEX amid the November 2022 FTX collapse.

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