As demand for self-custody grows, 1 Inch Network launches its new hardware wallet as compact as a bank card,
The FTX collapse has crypto users learning, “Not your keys, not your crypto,” like never before. The demand for self-custody providers and hardware wallets has skyrocketed since November 2022. Hardware wallets are becoming a cryptocurrency in 2023 as the community no longer trusts custodial wallets.
Decentralized exchange (DEX) aggregator, 1inch, today announced a waiting list for its hardware wallet.
1inch launches hardware wallet to compete with Ledger and Trezor
mentioned 1inch through his twitter Thread That its hardware wallet will be fully air-gapped. This means that the device will not have any buttons and will not require any wired connection. An independent team has developed this wallet with the support of a grant from 1 Inch Foundation.
Hardware wallets will let users create and control multiple wallets, each with a different seed phrase. the team has also shed light on that the device is compact, mentioning that it is “the size of a bank card”.
Current giants are not behind in innovation
Pre-existing giants, Ledger and Trezor, are not far behind in innovating existing hardware wallets. Earlier this month, Ledger started LedgerStax, a new hardware wallet designed by Tony Fadell. Fadell is known as the “Father of the iPod”.
Ledger executives envision turning the firm into the Apple of crypto. LedgerStax is a credit card-sized touchscreen device that allows users to manage over 500 digital assets.
On the other hand, Trezor appointed Matej Zak as its new Chief Executive Officer (CEO) in order to focus on building well-designed products. Their goal is to make cryptocurrency as easy as sending a text message.
“I look forward to building on our existing innovations and creating more well-designed and easy-to-use products that make storing your cryptocurrencies as secure and easy as sending a text message,” the CEO says.
Self-custody complication
While Matej Zak aims to make storing cryptocurrency as easy as sending a text message, current self-custody solutions are fraught with complexity.
Roshan, CEO of bitcoin rewards card provider GoSats, highlighted an incident involving a taxi driver. The driver, who is new to the world of crypto, inquired where to store the bitcoins, and had to respond with “exchange” to avoid sounding complicated. He took to Twitter to highlight the fact that “self-custody needs to be seamless to the public.”
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disclaimer
BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.