Decentralized exchange project 1inch Network is developing a new hardware wallet so crypto investors can store their assets more securely.
The designed new hardware wallet will allow physical storage of crypto assets, while also being able to connect with 1inch’s internet-based virtual wallet.
1inch developers stated in a statement that they are in the final testing phase for the hardware wallet. Unless something goes wrong, the cold wallet is scheduled to be launched later this year. The aim of the project in this regard is to compete with startups such as Trezor and Ledger, which have become giants in the cold wallet sector.
With this move, the team wants to reduce risk by diversifying 1inch Network’s business:
“As 1inch Network, we want to diversify our products and projects. That’s why we decided to design and launch a cold wallet.”
The developers also revealed some details of the wallet design. The cold wallet will have a 2.7-inch touchscreen, NFC technology and a rechargeable battery.
What is Cold Wallet?
In the simplest way, we can define cold crypto wallets as physical products that are not connected to the internet and therefore have a very low risk of cyber-attack. While our cryptocurrencies in the stock market wallets we all know are actually entrusted to the stock market, the entire control is in the hands of the investor in the hardware wallet.