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With cybercriminals getting more sophisticated, one of the biggest concerns facing cryptocurrency investors is the security of their digital assets. A crypto exchange just launched a pocket-sized solution for crypto holders who want added security to their holdings.
Cryptocurrency exchange Gate.io recently unveiled a new hardware storage device that offers a more secure way of storing crypto assets, according to Coindesk. In an email to the publication, the exchange said that the device will initially be only available in the Chinese market.
Gate.io described the new product as a “professional” hardware wallet called the S1. It features a fingerprint recognition built into its display as its security feature.
The device measures six centimeters long and can store over 10,000 crypto-assets such as Bitcoin (BTC) and Ethereum (ETH) securely. Users can disconnect it from the internet when not in use to totally eliminate the possibility of access by any hacker making it an ultra-secure storage option for the private keys to their cryptocurrencies.
The S1 device is also very easy to use. After synchronizing the hardware wallet to an Android device or a laptop, cryptocurrency owners can just and use the device’s fingerprint recognition feature to approve transactions.
Gare.io’s chief marketing officer said that the S1 is the “first hardware wallet with a world-leading fingerprint recognition algorithm which can auto initialize when detecting brute-force attack.” The company also added that professional investors or enterprise can even boost their crypto storage setup by linking the device to a GateChain Vault address.
While the S1 will only be available in China initially, Gate.io revealed that it will be sold to other countries in the next three to four months. The price for the device is around $50.
Hackers have become increasingly creative in their attempts to breach the security of online cryptocurrency wallets, also known as “hot wallets.” A recent report by ZDNet revealed that in one case, hackers used fake Bitcoin update notifications to gain access to their target’s wallet.
“Users of the Electrum Bitcoin wallet app received an unexpected update request via a popup message, they updated their wallet, and funds were immediately stolen and sent to an attacker's Bitcoin account,” ZDNet wrote. The publication added that criminals were able to get more than $22 million in BTC from the compromised wallets.
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