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Bobby Lee unveils new crypto hardware wallet venture ‘Ballet’

Thu, 12 Sep 2019, 05:57 am UTC

Bobby Lee, co-founder and former CEO of the BTCC – one of the longest running bitcoin exchanges in China, is making a comeback to the crypto space with a new venture, Ballet, CoinDesk reported.

Lee unveiled his new venture at CoinDesk’s Invest: Asia event in Singapore. Ballet is a multicurrency non-electronic hardware wallet, currently in beta.

“I created Ballet to make cryptocurrency truly accessible to everyone, regardless of age or background,” Lee said in an online post on Ballet’s official website.

A key feature that will differentiate Ballet from other existing wallets is that it will generate public addresses and private keys for users in advance. Lee explained that the company will do the pre-setup for each wallet to generate blockchain addresses and the associated private keys, but will delete the data after production.

This, according to Lee, will make it easier for users with no prior exposure to cryptocurrencies familiarize themselves with the asset without the need to go through the set-up process usually required by hardware wallets.

“With elegance and usability at its core, our users no longer need to worry about hackers, passwords, backups, or trusting a third party custodian to keep their assets safe. We are here to bring you peace of mind, by making cryptocurrency truly physical, and thus easy to keep secure,” he said.

Speaking of the wallet’s physical appearance, Ballet is a metallic credit card-sized card that prints a QR code linked with the cryptocurrency wallet address set up by the firm. Underneath the QR code, there is a string of printed encryption code. In addition, there is another string of coated encryption code at the bottom of the card, which must be scratched off to see.

To be able to see the private key, users will need a combination of the two codes through Ballet’s iOS and Android app. As per the report, the private key will be used to access all cryptocurrencies on different blockchains supported by Ballet.

Ballet currently supports bitcoin, litecoin, XRP, ethereum and tokens issued on specific blockchains such as all ERC-20 tokens. Lee said that the pre-order price of the hardware wallet is $29.

The new venture is already received backing from Ribbit Capital which has invested an undisclosed amount of capital in Ballet’s seed round.

Lee joined BTCC in 2013 as a co-founder and CEO. The exchange was acquired by a Hong Kong-based blockchain investment fund in January 2018.

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