1inch launches multi-coin hardware wallet 1inch launches multi-coin hardware wallet
The sales of the wallet are expected to start later this year.
1 min read
Updated: Jan. 19, 2023 at 6:26 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.
Mentioned in this article
Posted In: Wallets
Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
1inch
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1inch is a decentralized exchange (DEX) aggregator that sources liquidity from various exchanges and is capable of splitting a single trade transaction across multiple DEXes.
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