1Inch Launches Proprietary Hardware Wallet As Self-Custody Booms

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Decentralized exchange (DEX) aggregator 1inch has announced the launch of its proprietary cold storage hardware wallet amidst the growing trend of self-custody of assets. 

The team at 1inch has stated that the project is in its final stages of development and expects the wallet to go on sale later this year. 

1inch Network’s New Hardware Wallet 

Decentralized aggregator 1inch has become the latest entity in the crypto space to pivot towards the hardware wallet industry as the recent trend of self-custody of assets continues to grow. The 1inch team introduced the 1inch Hardware Wallet on the 19th of January, 2023, calling it a proprietary hardware wallet created by an independent team within the 1inch network. In a press release, the team explained that the new wallet would offer users the safest approach to storing their private keys offline in a simple and open-source manner. 

To provide users with the maximum level of security the wallet is fully air-gapped, which means it does not feature a direct connection to the internet, nor does it require any wired connections. 1inch stated that all data to and from the wallet is exchanged via QR codes. However, the wallet also features an NFC option. The announcement by the decentralized exchange aggregator comes in the wake of the FTX collapse, which spurred a huge demand for hardware wallets as users and investors decided to maintain self-custody of their assets, according to Trezor and Ledger. 

A Closer Look 

The 1inch Hardware Wallet comes in the size of a regular bank card, featuring a 2.7-inch E-ink grayscale touch display. The hardware wallet is waterproof and also comes equipped with Gorilla Glass 6 and a stainless steel frame. The wallet also supports wireless charging and features a Li-Po battery that can last for around two weeks on a single charge. The wallet replicates the design of Apple and its product line and comes in five colors, including hex, graphite, sierra blue, silver, and alpine green, which matches the Apple iPhone 13 lineup. A spokesperson added, 

“There will be two limited editions in pink and gold with some design changes and corresponding NFTs.”

1inch has also announced the start of a waitlist program through which interested buyers can get notified about the device’s availability. The wallet’s architecture also supports a Hierarchical Deterministic (HD) wallet algorithm. The 1inch team elaborated further, 

“The 1inch hardware wallet enables users to create and control several sets of wallets with different seed phrases. Each wallet uses the Hierarchical Deterministic (HD) wallet algorithm in accordance with BIP44 to create a new wallet set. At first use, a maximum number of wallets is randomly generated, and no one knows how many of them there are except for the device’s owner. Meanwhile, different pin codes provide access to different sets of wallets, closing the market security gap.”

Future Developments 

According to a 1inch spokesperson, development of the hardware wallet began in earnest in early 2022, with the team targeting a launch date sometime in Q4 of 2023. The team also has plans to develop security enhancements for the device in the near future. 

“Next month, we will be launching the contributor program, so everyone will have an opportunity to improve the device truly on their own.

Self Custody Booming 

The news about 1inch’s hardware wallet comes shortly after the launch of Ledger’s latest hardware wallet, designed by iPod creator Tony Fadell. The device, christened “Stax,” was created using “uncompromisingly secure architecture” and features an E-ink touch screen. 1inch’s foray into the hardware wallet space comes as self-custody has seen significant growth, with users growing skeptical of centralized exchanges after the collapse of FTX. 

Read more:  Aave launches a decentralized stablecoin

Hardware wallet providers Ledger and Trezor have registered a significant increase in traffic and sales as investors hurriedly moved their holdings from centralized exchanges offline.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: ryptodaily.co.uk

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