1inch launches proprietary hardware wallet as self-custody…
Decentralized exchange (DEX) aggregator 1inch Network is the latest cryptocurrency platform to move into the hardware wallet industry amid the rise of self-custody.
On Jan. 19, 1inch officially introduced the 1inch Hardware Wallet, a proprietary hardware wallet developed by an independent team working within the 1inch Network.
In order to provide maximum security, the 1inch Hardware Wallet is “fully air-gapped,” meaning that it has no direct connection to the internet and does not require any wired connection.
“All data is exchanged using QR codes or, optionally, with NFC,” 1inch said, noting that the 1inch Hardware Wallet also doesn’t have any buttons.
The upcoming hardware wallet comes in the size of a bank card, featuring a 2.7-inch E-Ink grayscale touch display. The waterproof crypto wallet is equipped with a damage-resistant Gorilla Glass 6 surface and stainless-steel frame. The device supports wireless charging, with the Li-Po battery designed to last for roughly two weeks of use.
One of the specific features of the 1inch Hardware Wallet is that it replicates the design of the Apple product line. The wallet comes in five colors, including hex, graphite, sierra blue, silver and alpine green, matching the iPhone 13 lineup.
“There will be two limited editions in pink and gold with some design changes and corresponding NFTs,” a spokesperson for 1inch told Cointelegraph.
1inch is not the only crypto firm promoting its hardware wallet in an attempt to benefit from Apple’s popularity. Last year, French hardware wallet provider Ledger announced a collaboration with Tony Fadell, the inventor of the iconic iPod Classic model, to develop its latest crypto wallet, Ledger Stax.
Related: How do crypto hardware wallet firms make money?
According to a spokesperson at 1inch, the firm started the development of the hardware wallet in early 2022 and expects to launch the product in Q4 2023. The firm also plans to proceed with development and security enhancements in the near future.
“Next month, we will be launching the contributor program, so everyone will have an opportunity to improve the device truly on their own,” a 1inch representative said, adding that documentation and source codes will be available on GitHub.
1inch’s entry into the hardware wallet industry comes amid the rise of self-custody amid the distrust of centralized crypto exchanges (CEX). Major hardware wallet providers like Ledger and Trezor recorded a significant surge in traffic and sales as crypto investors were triggered to offload their holdings from CEXs amid the FTX collapse in November 2022.