• 1inch announced the launch of a multi-coin hardware wallet.
• The wallet is developed by an independent team within the company, with the funds acquired from the 1inch Foundation.
• The wallet supports transparent transaction signing to combat hacker attacks and thefts.
1inch, a decentralized crypto exchange, recently announced the launch of a multi-coin hardware wallet. The wallet is developed by an independent and dedicated team within the company, with the funds acquired from the 1inch Foundation. The wallet 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.
The sales of the 1inch wallet are expected to start later this year. The wallet is designed for both experienced and novice users, providing them with a secure and easy to use environment to store and transact their digital assets. With the launch of the multi-coin hardware wallet, 1inch is looking to provide users with a secure and efficient way to store their digital assets.