The device supports over 10,000 cryptocurrencies with the wallet.io and a multi-signature functionality with over 40 public chains.
The notable cryptocurrency exchange, Gate.io, had announced the launch of the $1 hardware wallet that had supported the multi-signature functionality and also a unique way to keep the funds secure. The $1 device is also different, for it comes with a fingerprint recognition that has been located on the built-in display. Gate.io’s CMO, Marie Tatibouet, had detailed that the fingerprint has created an exclusive and unique password for every $1 proprietor.
“The private key is locked in the hardware itself, safely away from the internet, and it makes it more convenient in signature signing when the user makes a daily use transfer,” Tatibouet elaborated during the announcement.
The company claims that all the owner needs is a computer or a smartphone, and then it can be authorized as a transfer transaction with a fingerprint. Gate.io believes that the $1 framework will boost the firm’s Gatechain project and the DeFi use cases.
“Wallet S1 can be used in combination with a Vault address at Gatechain,” Gate.io summarizes. The exchange considers the new S1 maneuver to be “the first hardware wallet with the world-leading fingerprint recognition algorithm which can auto initialize when detecting brute-force attack.” S1 is also driven by the flagship SOC chip and unique dual- CPU architecture.
Gate.io assumes that crypto-asset security is tremendously important in the DeFi space. The non-custodial services allow the crypto users to limit themselves from the restrictions imposed by the centralized platform. The firm says that the $1 hardware wallet will start at $50, and each unit is 60mm x 20mm x 6mm in size. The hardware device then works in harmony with the wallet.io platform.
The Hong Kong trading platform‘s new device joins a myriad of hardware wallets available on the open market. It includes the products from Bitbox, Bitlox, Coldcard, Coolwallet, Ellipal, Keepkey, Ledger, Ngrave, and Trezor.