By
Chimamanda U. Martha
April 25th, 2024
1inch’s hardware wallet uses wireless charging and can last for up to 2 weeks after a full charge.
Decentralized exchange aggregator, 1inch, has officially introduced its crypto hardware wallet to the market. In the wake of FTX’s collapse and the spate of crypto hacks in 2022, there have been increased calls for more secure means of crypto storage.
With many crypto investors resorting to self-custody, hardware wallet providers like Hito, Ledger, and Trevor saw a surge in sales. Now, 1inch is set to bring value to the market along that line by launching its crypto hardware wallet, developed by a team working within the network.
1/ 💳 Meet a cutting-edge solution for cold #crypto storage that's no bigger than a bank card.
— 1inch Network (@1inch) January 19, 2023
We're excited to introduce to you the #1inchHardwareWallet!
✅ Join the waiting list now: https://t.co/72RRWZI9Ff
➡️ Read more: https://t.co/9RipLph1Ih#1inch #DeFi
Perks of 1inch’s Crypto Hardware Wallet
To maximize security, the hardware wallet is air-gapped, having no buttons or wired connections. It is also completely offline. Instead, it uses QR codes and NFC for data exchange. It uses transparent transaction signing to prevent unauthorized access to your wallet and can inform you if your transactions become compromised on the web.
More, the wallet allows users to manage multiple wallets with different seed phrases and different codes. For design, the wallet is compact, weighing only 70 grams and appearing like a bank card. It has a Grayscale touch display with alternate light and dark modes, a Gorilla Glass 6 surface for protection, and a stainless steel frame. It is also waterproof and comes in multiple colors.
1inch’s hardware wallet uses wireless charging and can last for up to 2 weeks after a full charge. The product is set to be launched in the last quarter of 2023. However, there is a waitlist for the product already on the company website.
Unfazed by Self-Custody
Despite the excitement that has greeted the migration of assets from centralized exchanges to self-custody wallets, not everyone is impressed. Notable among this number is the Binance CEO Changpeng Zhao.
While Changpeng Zhao believes self-custody is useful, he noted that it comes with its risks. CZ believes that 99% of people who subscribe to self-custody will lose their assets. “I actually think more people lose money holding their own—lose more crypto when they’re holding on their own than on a centralized exchange,” he concluded.
However, he noted that Binance remained neutral to whatever line of action clients decided to pursue.