1inch Network enters the hardware wallet business

Decentralized exchange aggregator 1inch Network has developed a hardware wallet that aims to provide a secure device for crypto users to hold their assets. 

The hardware wallet will be a physical device that claims to offer a secure way to store users' private keys offline. It comes alongside 1inch's existing web-based wallet. 

1inch's hardware wallet is undergoing its final stages of development and testing before being released for sale later this year, 1inch said in a statement shared with The Block.  Once launched, it will compete with larger players in the hardware wallet niche, such as Ledger and Trezor.

The move shows the project's efforts to diversify its business. The 1inch team noted: “As the 1inch Network is eager to expand its ecosystem of products and projects, here comes the 1inch hardware wallet, a cutting-edge solution for cold crypto storage."

The 1inch Foundation-supported hardware wallet will have a 2.7-inch touch display. The wallet will be a wireless device, will run on a rechargeable battery, and users can sign transactions wireless using QR codes or NFC technology. 

1inch is the largest decentralized exchange aggregator by daily volume. The project lets traders access liquidity from multiple decentralized exchanges to swap tokens from within a single platform. It processed over $1.8 billion in trading volume within the past week alone.

What are hardware wallets?

Hardware wallets are becoming increasingly popular to store cryptocurrency assets securely.

While web-based wallets provide convenience, they come with the risk of getting hacked. Hardware devices, 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, including MetaMask and TrustWallet. They do this by generating and storing private keys offline.