The FTX collapse has made crypto users learn, “Not your keys, not your crypto,” like never before. The demand for self-custody providers and hardware wallets has skyrocketed since November 2022. As the community no longer trusts custodial wallets, hardware wallets are becoming a crypto must-have in 2023.
1inch, the Decentralized exchange (DEX) aggregator, announced a waitlist for its hardware wallet today.
1inch Launched Hardware Wallet to Compete With Ledger and Trezor
1inch has mentioned through its Twitter thread that its hardware wallet will be fully air-gapped. It means that the device will have no button and will not require any wired connections. An independent team has developed this wallet with the support of grants from the 1inch foundation.
The hardware wallet will also let users create and control multiple wallets, each having a different seed phrase. The team has also highlighted that the device is compact, mentioning that it is the “size of a bank card.”
The Existing Giants do not lag in Innovation
The already existing giants, Ledger and Trezor, are not behind in innovating the existing hardware wallets. Earlier this month, Ledger introduced LedgerStax, a new hardware wallet designed by Tony Fadell. Fadell is known as the “Father of the iPod.”
The Ledger executives envision turning the firm into the Apple of crypto. The LedgerStax is a credit card-sized touchscreen device that allows users to manage over 500 digital assets.
On the other hand, Trezor appointed Matěj Žák as its new Chief Executive Officer (CEO) to focus on building well-designed products. He aims to make cryptocurrency self-custody as easy as sending a text message.
The CEO says, “I’m looking forward to building on our existing innovations and creating more well designed and easy-to-use products that make keeping your cryptocurrencies as safe and easy as sending a text message.”
The Complexity of Self-Custody
While Matěj Žák aims to make storing cryptocurrency as easy as sending a text message, the current self-custody solutions are full of complexity.
Roshan, the CEO of GoSats – a Bitcoin rewarding card provider, highlighted an incident with a Taxi driver. The driver, who is new to the world of crypto, inquired where to store Bitcoin, and he had to reply with “an exchange” to avoid sounding complex. He highlighted the fact on Twitter that “Self-custody has to be seamless for masses.”
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