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Decentralized exchange aggregator 1inch Network is entering the hardware wallet business with the development of a new physical device that aims to provide a secure way for crypto users to hold their assets. The hardware wallet, which is currently undergoing its final stages of development and testing, will be released for sale later this year.
1inch’s hardware wallet will come alongside the company’s existing web-based wallet and will compete with larger players in the niche, such as Ledger and Trezor. The move is part of 1inch’s efforts to diversify its business and expand its ecosystem of products and projects.
The 1inch Foundation-supported hardware wallet will have a 2.7-inch touch display and will be a wireless device that runs on a rechargeable battery. Users will be able to sign transactions wirelessly using QR codes or NFC technology.
1inch is currently the largest decentralized exchange aggregator by daily volume, processing over $1.8 billion in trading volume within the past week alone. The project allows traders to access liquidity from multiple decentralized exchanges to swap tokens from within a single platform.
Hardware wallets, such as 1inch’s new device, are becoming increasingly popular to store cryptocurrency assets securely. While web-based wallets provide convenience, they come with the risk of getting hacked. Hardware wallets, which secure private keys inside hardware to guard users against hacks, can offer what some perceive to be better security than web-based private wallets. This is because they generate and store private keys offline.
1inch’s entry into the hardware wallet market is a significant move for the company, and it will be interesting to see how its new device compares to existing hardware wallets on the market. It highlights the growing need for secure storage solutions in the cryptocurrency space and the increasing demand for hardware wallets.