The decentralized exchange aggregator known as 1inch has formally launched (1) its crypto currency hardware wallet on the market. After the failure of FTX and the string of crypto hacks that occurred in 2022, a lot many number of people are calling for more secure methods of storing crypto currency.
Hardware wallet suppliers like Hito, Ledger, and Trevor experienced a jump in sales due to an increase in the number of crypto currency investors opting to self-custody their assets.
Now, 1inch is getting ready to add value to the market in this direction by unveiling its crypto currency hardware wallet, which was designed by an active team inside the system.
A Closer Look at the Features of the Wallet
To provide the highest level of protection, the wallet is air-gapped and does not have any buttons or electrical connections. Additionally, there is no online component at all. Instead, it transfers data using QR codes and near-field communication (NFC).
It employs an open transaction signature to prevent unauthorized entry to your wallet and can tell you if any of your transactions get compromised. At the same time, they are being processed on the internet.
In addition, users are given the ability to manage several wallets, each of which can have a unique seed phrase as well as a unique code. The wallet is designed to be thin and small, with a weight of only 70 grams and the appearance of a credit card.
The surface is protected by Gorilla Glass 6, the frame is made of stainless steel, and the display is grayscale with alternating light and dark modes. In addition to that, it is available in 5 colors and can withstand water.
The hardware wallet offered by 1inch supports wireless charging and has a battery life of up to two weeks following a full charge. The product's release is anticipated in the last quarter of 2023. However, if you go to the firm's website, you may already put your name on a waiting list for the merchandise.
Not Every One is a Fan of Self Custody
The movement of assets away from centralized exchanges and into self-custodied wallets has been met with great enthusiasm; nevertheless, not everyone is thrilled by this development. Notable among this group is Changpeng Zhao, the Chief Executive Officer of Binance.
Even while Changpeng Zhao considers self-custody beneficial, he pointed out that it is not without its inherent dangers. CZ believes that 99% of persons who choose to self-custody will end up emptying their bank accounts.
He concluded, "I think more people lose money when they're holding on their own—lose more crypto currency when they're keeping on their own than when they're trading on a centralized exchange."
On the other hand, he emphasized that Binance did not take a position about the course of action that its customers chose to take.