Co-founder and former CEO of BTCC Bobby Lee has announced the launch of his new product – the Ballet crypto hardware wallet. The entrepreneur is betting on the mass blockchain market with the ultimate goal of bringing “greater adoption to the rest of the world,” according to the product description:
“I created Ballet to make cryptocurrency truly accessible to everyone, regardless of age or background...Now you can see it, touch it, and take your investment with you anywhere you go. Carry it, keep it at home, or lock it in a safe. Rest assured that your assets are in the best hands - Yours!”
The hardware wallet itself is similar in design to a credit card. One of Ballet’s distinguishing features is that it will generate public addresses and private keys for users in advance. The address will be printed as the QR code on the card. The private key will be printed as an encryption code beneath the QR code in a coated form to be scratched off by the user. The combination of both will allow the user to access the wallet via the iOS or Android app. As for the security questions, Bobby Lee has assured that private key data will not be stored by the company:
“We generated the keys for you in two locations thousands of miles apart...[After that] we manufacture ourselves out of the process”. The product website states that “to access the funds in your wallet, you would need both the encrypted private key (EPK) and the corresponding wallet passphrase. During the manufacturing and production process, these two vital components are generated separately, on different devices located in different geographic locations.”
To further simplify the user experience, the team is offering one address-key pair for each cryptocurrency that the wallet currently supports, including: “native cryptocurrencies on the Bitcoin, Litecoin, XRP, and Ethereum networks as well as tokens that have been issued on specific blockchains such as all ERC-20 tokens.”
All of this together with its remarkably low price that starts at $29.95 is aimed at opening doors into the industry and fostering adoption among a wider audience. The first shipment is planned for October.
Last January 2018, just months before the Chinese ban on ICOs and fiat-to-crypto trading, Lee’s previous project, the BTTC exchange, was bought out by an investment fund in Hong Kong. According to CoinDesk, Lee has shared that the project started in December and “has raised an undisclosed amount of capital in a seed round backed by Ribbit Capital,” a company which has previously invested in Coinbase.