Crypto related products are being rolled out from all ends as the trade of crypto assets approaches mainstream adoption. Crypto related firms and developers are continually working to create products that will be used by crypto traders, and bring ease of use to this asset class.
During the recent Asia: Invest Conference hosted by Coindesk in Singapore, a new cryptocurrency hardware wallet was announced. The hardware wallet, named Ballet, will support several cryptocurrencies, and help crypto holders to have many different crypto holdings on one wallet.
Ballet is led by the infamous Bobby Lee, the co-founder and former CEO of popular crypto Exchange BTCC. Lee’s latest project comes less than a year after he sold one of the longest-running Bitcoin exchanges in China. To set his product apart from the rest of the wallets on the market, Lee has given Ballet the ability to generate private keys and public addresses for users in advance.
Lee says that Ballet is designed to make crypto adoption easy for people who have never engaged in crypto trading. These inexperienced people can get hands on experience through the use of this wallet, without having to go through the arduous setup processes that are consistent with many crypto hardware wallets.
Ballet Design and Functionality
Each of the wallets has an encrypted code beneath the QR code. There is another string of encrypted code at the bottom of the card and a holder has to scratch the card to see this code. One needs both these keys to view the private key on Ballet’s mobile application, which is available on both iOS and Android systems. The private key will allow a user to access all their crypto holdings across the various blockchains supported by Ballet.
According to Lee, they have gone through six possible hardware designs for the wallet before settling on the one that they are rolling out. The hardware wallet has support for native tokens on Bitcoin, XRP, Ethereum, and Litecoin networks. It also supports coins that have been issued out on certain blockchains, such as all ERC20 tokens.
Mass Adoption of Ballet and Cryptocurrencies
The Ballet wallet may influence the adoption of cryptocurrencies by several individuals who have been waiting for such a piece of hardware. The pre-order price for the wallet has been pegged at $29, which makes it one of the cheaper options as far as crypto hardware wallets are concerned. This price could make it easy for the wallet to achieve mass adoption in the crypto community.
The first set of wallets could be shipped in October according to the company. Each card will go through a pre-setup process during which blockchain keys and private keys will be generated. Lee said that this data is deleted before the card is issued out to ensure that customer privacy is protected.