According to news published by Yahoo Finance September 12, crypto pioneer Bobby Lee, who founded one of China’s first bitcoin exchange, is releasing its own hardware wallet. Similar to a credit card, it will feature one of the cheapest prices on the market.
A New Metal Hardware Wallet
Crypto pioneer and early investor Bobby Lee, announced his new venture Ballet at a blockchain event in Singapore. Ballet is a hardware wallet supporting multiple cryptocurrencies. According to Bobby Lee, the wallet is unhackable.
He also thinks that due to the peculiarity of generating public addresses and private keys in advance for users, it will be easier for non-crypto holders to manage digital assets without having to go through difficult set-up processes that most hardware wallets require.
The new wallet, called REAL, will be very similar to a credit card: it will be metal and it will feature a QR Code associated with the cryptocurrency wallet addresses. Under the QR Code, the metal wallet displays an encrypted code. Another string of encryption is put at the bottom of the card; the latter must be scratched off to be exposed.
Both codes can be used alongside Ballet mobile app to manage the private keys and make transactions. Ballet’s wallet should free users from hackers’ attacks, passwords, backups or trusting any third-party custodian. The mission is to attract adoption by removing all the complications surroundings cryptocurrency ownership.
Currently, the wallet supports Bitcoin, Litecoin, XRP, and Ethereum network.
Another significant feature of the REAL wallet is its price. Ballet is planning to sell each metal wallet for $35, but a promotional launch to beta testers will start from $29.
Bobby Lee, who’s still a board member of the Bitcoin Foundation, co-founded BTCC, one of China’s oldest exchanges, and sold it in early 2018 to an anonym Hong Kong-based blockchain investment fund. His new company Ballet, which is headquartered in Las Vegas, has raised $5 million in a recent Series A round led by VC giant Lightspeed. Other investors included Silicon Valley venture capital firm Ribbit Capital, known for the early bets on Coinbase and mobile bank Revolut.