Many would agree that 2022 ended on a low note for the crypto space. FTX’s collapse in November created a rather large splash that wound up having negative effects on a large number of companies, including BlockFi’s file for bankruptcy. These events, having already been preceded earlier in the year by the bankruptcy filings of Voyager and Celsius, have led many investors to lose a lot of faith in centralized exchanges and digital asset loaners.
Enter decentralized exchange aggregator 1inch Network’s latest announcement– the 1inch hardware wallet. Reportedly around the size of a bank card, this 70 gram wallet is heavily focused on security. It features a 2.7 inch E-ink touch display that serves as the sole way of interacting with the device. The lack of buttons is part of what makes the design “fully air-gapped,” which means the wallet will never be directly connected to the internet or require a wired connection. “All data is exchanged using QR codes or, optionally, with NFC,” their blog post states.
Users may feel secure with the wallet’s capability for transparent transaction signing. Whereas some hardware wallets offer blind signing of transactions (in which you can approve a smart contract without knowing everything it is doing), 1inch will analyze each transaction for malicious activity. “If a transaction a user is signing gets compromised on the web or in the mobile app, the device will immediately inform the user about that.”
The wallet may have been designed with internal security in mind, but the 1inch team has also put thought into its external protection. “Waterproof” and “damage proof” are listed as part of its features, with the screen being made of Gorilla Glass 6 and the frame being constructed of stainless steel.
1inch’s decision to enter the hardware wallet market is not completely unfounded; in fact, this may be the perfect time. Hardware wallet manufacturers saw a huge increase in sales after the collapse of FTX, with Ledger stating they observed their “highest sales week in history.” Trading volume at decentralized exchanges reached $91 billion in November, an increase of 79% from the month prior. DEX aggregators, such as 1inch, saw a significant increase in usage as crypto investors utilized them to attempt to find the best trades across the decentralized landscape.
Many crypto investors are now finding the value in the adage “not your keys, not your crypto” and may be looking for their first hardware wallet. If the 1inch hardware wallet interests them, they can join the waiting list on the wallet’s website. No price has been announced yet, but 1inch has claimed they expect it to be launched “later this year.” The wait should provide prospective buyers enough time to pick between the five colors being offered: hex, graphite, sierra blue, silver, and alpine green.
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