Bobby Lee, the founder of the first Bitcoin exchange in China, is back with the launch of a new wallet. Lee is back in business with a new startup called Ballet hardly a year after he sold BTCC.
On Thursday, Lee announced that his startup Ballet would be rolling out a hardware wallet that supports several cryptocurrencies. He made the revelations during the Coindesk Invest: Asia event held in Singapore.
Ballet offers cold storage to fifteen coins currently
Ballet is a credit-card sized device that offers cold storage of Bitcoin (BTC) as well as another fourteen altcoins. The altcoins include Litecoin (LTC), XRP, and Ethereum (ETH) among others. The project website indicates that there are plans to add another eighteen coins.
The wallet prints a QR code linked with the crypto wallet address set by the startup. Underneath the QR code, there is an encryption code, and at the bottom, there is another coated encryption code. Users will have to scratch the code at the bottom for them to see it. Only a combination of the two codes through Ballet’s Android and iOS app will enable the user to view the private key. This will be the key that will offer access to all the coins on different blockchains supported by Ballet.
Setting up Ballet is effortless
To differentiate the product and encourage growth beyond crypto circles, Ballet generates private keys and public addresses in advance. According to Lee, the design will make it easier for individuals without exposure to crypto to gain hands-on experience. They will enable users to set up easily without the hassle that other hardware wallets present when setting up.
While explaining why he ventured into the wallet sector, Lee said that he has been receiving requests from people seeking Bitcoin storage solutions. He said on Yahoo Finance that several people have approached him wanting him to help in storing their Bitcoin. During the Invest: Asia event, he asserted that his dream was to have a simple and elegant wallet.
He said that he has been working on the hardware wallet since the beginning of the year and the design has undergone six iterations. He said the project had raised a significant amount of capital in a funding round supported by Ribbit Capital. The Venture capital firm also has investments in crypto exchange Coinbase.
Low price to enhance mass adoption
To enhance mass adoption of Ballet, Lee said that the pre-order price would be $29. This is less than what current hardware wallets charge and includes offering enhanced cold storage security. The company plans to begin shipment from October after receiving pre-orders.
Lee’s wallet will compete for market share with popular brands, Ledger, Trezor, and KeepKey. The brands control a significant share of the market of hardware wallets available to cryptocurrency users. However, these do not come in credit card form. Hardware wallets are vital in the protection of funds when used appropriately, but some manufacturers have been facing criticism over standards.