Cryptobeurs Gate.io comes up with a new product.
It is a separate hardware wallet that allows the user to act with extra security on the platform. The device is called the Wallet S1 and it offers extra security for the storage of private keys from, for example, Bitcoin.
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Gate.io is located in Hong Kong. More than $63 million worth of different crypto coins pass through the order book every day. The stock market is striving to improve the security of customers‘ funds with this hardware wallet, writes Decrypt.
According to the release, the Wallet S1 is a solution for storing the private keys. The device even has a built-in display with fingerprint recognition. This gives each owner and customer a unique password. This way they don’t have to remember difficult passwords and the unique fingerprint is sufficient.
In a statement, Marie Tatibouet, the CMO of Gate.io, explains how it works:
„The private key is locked in the hardware itself, and therefore not in contact with the Internet. It makes it easier to sign certain things when the user is using it on a daily basis“.
She added that „it’s the first hardware wallet that uses an algorithm to detect brute-force attacks“. They also claim it’s the first hardware wallet with a fingerprint scanner.
Gate.io claims that the S1 supports over 10,000 cryptocurrencies. Of course, this is Bitcoin, but it also supports Ethereum and a lot of (other) altcoins that are not even on CoinMarketCap.
The intention is that this wallet will also work with DeFi apps and other applications that will be built on the proprietary blockchain at a later stage.
By the way: the device is initially only intended for customers from China. Users can synchronize the device with a laptop or Android smartphone. It is said to cost $50 each.
Buying bitcoin from wallet
The question is whether this approach will catch on, given that there are also regular hardware wallets that work with trade fairs. For example, with Ledger’s wallets you can use so-called AirSwaps to ’swappen‘ ERC-20 tokens.
For Bitcoin lovers, the Trezor option is much more interesting: you can buy Bitcoin directly at the Dutch fair BTC Direct.
SatoshiLabs previously rolled out a partnership with Changelly and CoinSwitch for purchases directly from the wallet. Since July this year, BTC Direct has also been included as a Dutch party.
Whether with or without a device, remember this motto: not your keys, not your coins. A hardware wallet from a trade fair can solve part of this problem, but with a wallet like Ledger or Trezor you can achieve exactly the same.