The decentralized exchange aggregation service 1inch Network has announced the launch of a cold storage hardware wallet, expected to go on sale later this year. According to a press release sent to Bitcoin.com News, the device offers “the safest approach to storing users’ private keys in an offline, simple, and open-source way.” The announcement follows the recent collapse of FTX, which spurred a significant increase in demand for hardware wallets, as reported by manufacturers like Ledger and Trezor.
Hardware Specifications and Air-Gapped Design
The 1inch hardware wallet is being developed by an independent team in collaboration with the 1inch Foundation, which provided a grant for the project. Key features include a 2.7-inch e-ink grayscale touch display, a fully air-gapped architecture with no physical buttons or wired connections. Data transfer is handled exclusively via QR codes or optionally via NFC. The device is roughly the size of a credit card, weighing 70 grams with a thickness of 4mm. It boasts a Gorilla Glass 6 surface and a stainless-steel frame, along with waterproofing. The wallet will be available in five colors, supports wireless charging, and offers a battery life of up to two weeks under normal use, according to the team.
Hierarchical Deterministic (HD) Wallet Algorithm
1inch detailed that the hardware wallet supports the Hierarchical Deterministic (HD) wallet algorithm in compliance with BIP44. Users can create and control multiple wallet sets with different seed phrases. “At first use, a maximum number of wallets is randomly generated, and no one knows how many of them there are, except for the device’s owner,” the team explained. Additionally, different PIN codes provide access to different wallet sets, addressing a security gap in the market where a single PIN compromises all assets.
Market Context and Competition
The launch comes shortly after Ledger introduced its Stax device, designed by iPod creator Tony Fadell. The Ledger Stax also features a credit-card-sized form factor with an e-ink touchscreen, emphasizing “uncompromisingly secure architecture.” 1inch has not yet disclosed the official name of its new hardware device; the waitlist page simply refers to it as the “1inch Hardware Wallet.” With the growing trend toward self-custody following major exchange failures, 1inch aims to carve out its niche in the increasingly competitive hardware wallet market. Analysts suggest that the combination of HD wallet flexibility, air-gapped security, and user-friendly features could appeal to both DeFi power users and mainstream adopters.