In response to the growing popularity of self-custody, decentralised exchange (DEX) aggregator 1inch Network has become the most recent cryptocurrency platform to enter the hardware wallet business.
The 1inch Hardware Wallet is a proprietary hardware wallet that was built by an independent team operating inside the 1inch Network. The formal launch of the wallet took place on January 19th. “Fully air-gapped” refers to the fact that the 1inch Hardware Wallet does not have a direct connection to the internet and does not need any kind of wired connection in order to guarantee the highest possible level of protection. According to 1inch, ” All data is shared via QR codes or, alternatively, using NFC.” The company also said that the 1inch Hardware Wallet does not have any buttons on it.
A 2.7-inch E-Ink grayscale touch display will be included on the next hardware wallet, which has the dimensions of a standard bank card.
The frame of the watertight cryptocurrency wallet is made of stainless steel, while its surface is made of scratch-resistant Gorilla Glass 6.
The gadget is compatible with wireless charging, and the Li-Po battery is meant to provide power for around two weeks of operation.
The aesthetic of the Apple product line is mirrored in the 1inch Hardware Wallet, which is one of the device’s distinguishing characteristics.
The wallet is available in five hues that correspond to the iPhone 13 colour lineup: hex, graphite, sierra blue, silver, and alpine green.
There are other cryptocurrency companies, in addition to 1inch, who are marketing their hardware wallets in an effort to capitalise on Apple’s widespread appeal.
The French producer of hardware wallets known as Ledger announced a cooperation with Tony Fadell, the creator of the now-iconic iPod Classic form, the previous year in order to build its most recent cryptocurrency wallet known as Ledger Stax.
According to a representative for 1inch, the company began the process of developing the hardware wallet in the early part of 2022 and anticipates releasing the product in the fourth quarter of 2023.
In the not-too-distant future, the company also intends to continue with development and make improvements to security. According to a spokeswoman for 1inch, “next month we will be introducing the contributor programme, so everyone will have the ability to enhance the device really on their own,” and they added that manuals and source codes would be accessible on GitHub.
The launch of 1inch’s first hardware wallet coincides with a growing trend for self-custody as mistrust of centralised cryptocurrency exchanges continues to spread (CEX).