Bobby Lee, co-founder and former CEO of BTCC is back, after more than a year he sold one of China’s longest-running bitcoin exchanges.
Ballet, a new venture by Lee is rolling out a hardware wallet supporting multiple cryptocurrencies.
Ballet will generate public addresses and private keys for users in advance as a way to differentiate its product and bring about adoption away from the usual crypto arena.
With this structure, it will be a lit easier for users to set up wallets thus ,Lee believes this design will make it a lot easier for people who have no exposure at all about crypto to get hands-on experience with the asset without having to go through the set-up process most hardware wallets require.
Lee stated this on Thursday while on stage;
“We wanted to create a wallet that is simple and elegant and that is what we’ve done, interestingly, we are able to do that".
The Lee’s firm set up the wallet, also dubbed Ballet which is a piece of metal with the size of a credit card that prints a QR code associated with the cryptocurrency wallet address.
Beneath the QR code, on each wallet, there is a string of printed encryption code. There’s also another string of encryption code that’s coated, which a user must scratch off in order to see. This is located at the bottom of the card.
Ballet’s iOS and Android app,the combination of the two were also launched on Thursday. It will allow the user to see the private key, which will be the same key to access all cryptocurrencies on different blockchains that Ballet supports.
“I’ve been working on this hard since January of this year,” Lee said During Lee's presentation, he stated that the wallet has been development as he has been working on it since January this year
“We’ve gone through six iterations of this hardware wallet design.”
However , the firm’s product supports native cryptocurrencies on the bitcoin, litecoin, XRP, and ethereum networks including tokens that have been issued on specific blockchains such as all ERC-20 tokens.
In other to enhance the goal of fostering mass adoption, Lee said the pre-order price of Ballet will go at $29, which is less than what existing hardware wallets with more advanced cold storage security measures cost. The company is looking at October for shipment after taking in pre-orders.
During a heated chat at the event, Lee said the project started in late December and has acquired an undisclosed amount of capital in a seed round backed by a venture capital firm that has also invested in crypto exchange Coinbase known as Ribbit Capital.
According to Lee , Ballet has 20 staffers worldwide with a global headquarters in Las Vegas.
There's A pre-setup for each wallet being sold to generate blockchain addresses and the associated private keys by the company but Lee said the firm deletes the data after production.
“The keys are being generated for you in two locations thousands of miles apart,” he said. “[After that] we manufacture ourselves out of the process.”
He joined BTCC in 2013 as a co-founder and CEO, two years after the exchange was launched by Yang Linke, and Lee equally helped the firm secure a $5 million ‘Series A’ funding round backed by VC giant Lightspeed.
In January 2018, BTCC was sold to An unnamed blockchain investment fund based in Hong Kong bought over BTCC in January 2018, just months after China’s central bank issued a ban on initial coin offerings (ICOs) as well as fiat-to-crypto trading. Lee is popularly known in the crypto industry for running BTCC which happens to be one of the earliest crypto exchanges in China.
Credits: Wolfie Zhao
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