Decentralized exchange platform 1inch has reportedly entered the digital wallet market. The enterprise has told the media that it has been working on a new hardware wallet. The unique feature of the hardware wallet offers a secure and hack-free custodial space for cryptocurrency investors.
According to the 1inch management, the new hardware wallet is going to be useful for cryptocurrency investors who wish to store their private keys on a secure digital device. The product is also reported to be compatible with the web-based digital wallet services that are provided by the 1inch network.
The management of 1inch has informed the users of the network that the new hardware wallet is in the final stages of development. The product is going to be available for usage by the end of the year in the markets. The crypto enterprise also claimed that the new hardware is going to compete with some of the biggest brands in the sector.
It is worth noting that, at present, products like Ledger and Trezor have the majority share of the hardware wallets. Additionally, many cryptocurrency users saw this news as a positive development. With the introduction of a new product, 1inhc is indicating stability in the DeFi market.
Specifications of New Hardware Wallet
The hardware wallet is said to possess a 2.1 inch display that is touch compatible. Additionally, this wallet will work as a wireless device fashioned after USB. The product will make use of a rechargeable battery. To make it more secure, users would be able to have transaction options such as QR codes and NFC.
1inch is one of the biggest decentralized exchanges in DeFi markets. The project caters biggest trading volume among all crypto DEXs. 1inch users can access liquidity from other DEXs and swap tokens. Last week the DEX processed $1.8 billion in transaction traffic.
The cold wallet project is introduced by 1inch at a time when many investors are transferring their assets out of crypto exchanges on account of the FTX debacle.