1inch Network joins the market of hardware wallets
1inch Network, a decentralized exchange aggregator, has built a hardware wallet.
1inch Network, a decentralized exchange aggregator, has created a hardware wallet that seeks to give crypto consumers with a safety device for holding their funds.
The hardware wallet will be a physical device that promises to provide a safe method for the offline storage of private keys. It complements 1inch’s current web-based wallet.
The 1-inch hardware wallet is in the last phases of development and testing before its introduction later this year, according to a statement shared with The Block. Once released, it will compete with Ledger and Trezor, two major participants in the hardware wallet market.
This action demonstrates the project’s attempts to diversify its business operations. As the 1inch Network is keen to grow its ecosystem of products and initiatives, the 1inch hardware wallet, a cutting-edge solution for cold crypto storage, is now available.
The hardware wallet funded by the 1-inch Foundation will have a 2.7-inch touchscreen display. The wallet will be a wireless gadget with a rechargeable battery, and users will be able to utilize QR codes or NFC technology to sign wireless transactions.
By daily volume, 1 inch is the biggest decentralized exchange aggregator. The concept enables traders to access liquidity from various decentralized exchanges inside a single platform to trade tokens. In the previous week alone, it handled more than $1.8 billion in trade activity.
Hardware wallets are gaining popularity as a safe way to store crypto holdings. While web-based wallets are convenient, they carry the danger of being compromised. Some believe that hardware devices, which store private keys in hardware to protect users from hackers, provide more security than web-based private wallets like as MetaMask and TrustWallet. To do this, they generate and store private keys offline.