Decentralized exchange aggregator 1inch Network announced the final stage of developing its own hardware wallet, which is now undergoing the final stages of testing.
According to 1inch, the hardware wallet will go on sale this year and will compete with bigger players in the cold wallet market like Ledger and Trezor.
The 1inch Foundation hardware wallet is equipped with a 2.7-inch touch screen and is wireless and powered by a rechargeable battery. According to the description provided by 1inch, the built-in Li-Po battery should last about two weeks of use.
Data exchange should be carried out using QR codes or, optionally, using NFC technology, like smartphones. The 1inch team promises that users will be able to take advantage of the transparent signature of transactions, as opposed to the blind signature offered by similar devices from some other manufacturers.
To prevent hacker attacks and theft of funds, the device performs a complete analysis of transactions and call data offline. If the transaction that the user is signing has been compromised, the device will immediately inform its owner about it.
Earlier, another provider of hardware crypto wallets, Trezor, reported a significant surge in wallet sales. Company spokesman Josef Tetek said that Trezor’s revenue has grown by almost 300% and continues to grow.
Crypto cold wallet provider Ledger is expected to launch a new product in the first quarter of 2023, which the company is currently building with former Apple developer Tony Fadell.
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