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1inch Network to Venture into the Hardware Wallet Industry

1inch Network, the popular decentralised finance (DeFi) aggregator, has announced plans to launch a one-of-a-kind crypto hardware wallet. 1inch Network is throwing its hat into the hardware wallet industry at a time when crypto enthusiasts are looking for self-custody options after the FTX fiasco.

Supported by a grant from the 1inch Foundation, the 1inch hardware wallet is being developed by an independent team within the 1inch Network. It is currently in the final stages of development, with an official launch and sales expected later this year.

The 1inch Hardware Wallet Will Have No Buttons and Feature a Touch Screen Display

In terms of features, the 1inch hardware wallet aims to differentiate itself from what is available in the market. The device will have the following features as part of its design.

  • A 2.7” E-Ink grayscale touch display supporting light/dark modes and will be fully air-gapped with no buttons or any wired connection
  • The screen will have a Gorilla Glass 6 surface, and its body will be made out of stainless steel
  • The device will be compact, with its size similar to that of a bank card. It will weigh 70 grams and will be 4mm thin
  • 1inch Hardware wallet will allow users to create and control several sets of wallets with different seed phrases. Each wallet will have a different pin code for access
  • Charging will be wireless, with its Li-Po battery expected to last up to two weeks
  • The 1inch Hardware wallet will come in five colours

1INCH/USDT is Yet to Break the $0.50 Resistance Area

Concerning price action, 1INCH has experienced a brief knee-jerk reaction due to the news of the project launching a hardware wallet. Data from Tradingview.com shows that 1INCH/USDT is up 2.47% for the day and trading at $0.458. Its green daily candle in the one-day chart below further confirms its slight bullishness in the crypto markets.

However, its daily MFI (green), MACD and RSI (red) indicate an ongoing pullback that could see the digital asset fall to its 50-day (red) moving average at the $0.42 price area.

Earlier in the week, 1INCH/USDT had failed to turn the 100-day (yellow) moving average as support after rejection at the $0.50 resistance area. A healthy pullback could provide enough momentum for the digital asset to break past this level in late January or early February.

~By John P. Njui~

DeFi
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