1inch Network, a decentralised exchange (DEX) aggregator, is the most recent cryptocurrency platform to enter the hardware wallet business. This development comes at a time when self-custody is becoming more popular.
The 1inch Hardware Wallet is a proprietary hardware wallet that was built by an independent team operating inside the 1inch Network. The formal introduction of the 1inch Hardware Wallet took place on January 19. The 1inch Hardware Wallet is “completely air-gapped,” which means that it does not have a direct connection to the internet and does not need any kind of wired connection in order to function properly. This was done in order to ensure the highest possible level of security. ” All data is transferred via QR codes or, alternatively, using NFC,” 1inch claimed, pointing out that the 1inch Hardware Wallet does not have any buttons. In addition, 1inch noted that the 1inch Hardware Wallet does not have a display.
The forthcoming hardware wallet is comparable in size to a standard bank card and has a 2.7-inch E-Ink touch display with a grayscale gradient.
The impervious cryptocurrency wallet has a surface made of scratch-proof Gorilla Glass 6 and a frame made of corrosion-resistant stainless steel.
The Li-Po battery in the gadget is meant to provide power for the device for around two weeks, and the device enables wireless charging.
One of the unique characteristics of the 1inch Hardware Wallet is that it imitates the look of the Apple product line. This is one of the wallet’s key advantages.
The wallet is available in five colours, including hex, graphite, sierra blue, silver, and alpine green, which are the same colours as are offered for the iPhone 13 series.
1inch is not the only cryptocurrency company attempting to market its hardware wallet in an effort to capitalise on Apple’s widespread appeal.
The French hardware wallet company Ledger announced a cooperation with Tony Fadell, the creator of the now-iconic iPod Classic model, the previous year in order to produce its most recent cryptocurrency wallet, known as the Ledger Stax.
A spokeswoman for 1inch said that the company began the development of the hardware wallet in the early part of 2022 and anticipates that the device would be released in the fourth quarter of 2023.
In the not-too-distant future, the company also intends to continue with development and improve the security of the system. ” Next month, we will be launching the contributor programme, so everyone will have the opportunity to improve the device truly on their own,” a representative from 1inch said, adding that documentation and source codes will be available on GitHub. Additionally, the representative mentioned that the contributor programme will allow users to improve the device truly on their own.
1inch’s foray into the world of hardware wallets coincides with a growing trend for self-custody in response to widespread mistrust of centralised cryptocurrency exchanges (CEX).