Decentralized crypto exchange 1inch announced that it is launching a multi-coin hardware wallet.
The project is in its final stages of development and is expected to launch later this year.
The wallet is being developed by an independent and dedicated team within the company, with the funds acquired from the 1inch Foundation.
The overview
The announcement includes a very detailed description of the wallet, as well as a sample picture.
According to the description, the device doesn’t have any buttons and therefore is fully air-gapped. It also doesn’t require a wired connection, as all transactions are carried out by using either QR codes or NFC.
The wallet will also allow users to create multiple sets of wallets with different seed phrases. The device randomly generates a maximum number of wallets at first use, and the number of wallets is only known by the device owner.
The wallet also supports transparent transaction signing to combat hacker attacks and thefts. If a transaction previously signed by the owner gets compromised, the wallet will immediately inform the user about the situation.
Cold storage has been especially popular since it also protects the funds against increasing cyber attacks as well. 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.
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