The wallet is expected to go on sale later this year.
1inch, a decentralised cryptocurrency exchange, has announced the release of a multi-coin hardware wallet.
The project is nearing completion and is scheduled to launch later this year.
With funds from the 1inch Foundation, an independent and dedicated team within the company is developing the wallet.
An overview
The announcement contains a detailed description of the wallet as well as a sample image.
According to the description, the device has no buttons and is thus completely air-gapped. It also does not require a wired connection because all transactions are done via QR codes or NFC.
Users will also be able to create multiple sets of wallets with different seed phrases using the wallet. At first use, the device generates a maximum number of wallets at random, and the number of wallets is only known to the device owner.
To combat hacker attacks and theft, the wallet also supports transparent transaction signing. If a transaction previously signed by the owner is compromised, the wallet will immediately notify the user.
Cold storage is particularly popular because it protects funds from increasing cyber attacks. According to a recent CryptoSlate analysis, 450,000 Bitcoin (BTC) held on an exchange or in a hot wallet were moved to cold storage in 2022.
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