• 1inch announced the launch of a multi-coin hardware wallet.
• The wallet is expected to launch later this year and will have no buttons, and will instead use QR codes or NFC to carry out transactions.
• The wallet will also allow users to create multiple wallets and will have transparent transaction signing for added security.
Decentralized crypto exchange 1inch recently announced that it is launching a multi-coin hardware wallet. Developed by an independent team within the company and with the funds acquired from the 1inch Foundation, the wallet is in its final stages of development and is expected to launch later this year.
The wallet is set to be a revolutionary product, with a number of features that set it apart from other types of wallets. Firstly, it will not have any buttons, and instead will require transactions to be carried out using either QR codes or NFC. This makes it fully air-gapped and also eliminates the need for a wired connection.
The wallet will also allow users to create multiple sets of wallets with different seed phrases. This is done by the device randomly generating a maximum number of wallets at first use, with the number of wallets only being known by the device owner. In addition, the wallet will feature transparent transaction signing, meaning that if a transaction previously signed by the owner gets compromised, the wallet will immediately inform the user about the situation.
The wallet’s cold storage feature is also likely to be a major draw for users, as it protects the funds against cyber attacks. A recent analysis by CryptoSlate revealed that 450,000 Bitcoin (BTC) held on an exchange or a hot wallet were moved to cold storage in 2022.
Overall, 1inch’s multi-coin hardware wallet looks to be a great addition to the crypto industry. With its advanced features and added security, it is sure to be a hit with users looking to keep their funds safe and secure. With its launch date fast approaching, it won’t be long before users are able to get their hands on the wallet and see for themselves just how revolutionary it really is.