The Hong Kong-based crypto exchange Gate.io has launched a new type of hardware wallet that features fingerprint recognition. The device supports over 10,000 cryptocurrencies with wallet.io and multi-signature functionality with over 40 public chains.
The well known cryptocurrency exchange, Gate.io, has announced the launch of the S1 hardware wallet that supports multi-signature functionality and a unique way to keep funds secure. The S1 device is different because it comes with fingerprint recognition located on the in-built display. Gate.io’s CMO, Marie Tatibouet, detailed that the fingerprint creates an exclusive and unique password for every S1 owner.
“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 explained during the announcement.
The company claims all the owner needs is a computer or smartphone and then they can authorize a transfer transaction with a fingerprint. Gate.io believes the S1 framework will also bolster the firm’s Gatechain project and decentralized finance (defi) use cases.
“Wallet S1 can be used in combination with a Vault address at Gatechain,” Gate.io notes. The exchange considers the new S1 device 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 powered by the flagship SOC chip and a unique dual- CPU architecture.
Gate.io believes crypto asset security is extremely important in the defi space and noncustodial services allow crypto users to limit themselves from restrictions imposed by a centralized platform. According to the firm, the S1 hardware wallet will start at $50 and each unit is 60mm x 20mm x 6mm in size. The hardware device works in unison with the wallet.io platform.
The Hong Kong trading platform’s new device joins a myriad of hardware wallets available on the open market today. This includes products from Trezor, Ledger, Ellipal, Keepkey, Ngrave, Bitbox, Coolwallet, Bitlox, and Coldcard.
What do you think about Gate.io’s S1 hardware wallet with fingerprint recognition technology? Let us know in the comments section below.