The founder of China’s first Bitcoin exchange, Bobby Lee, has returned to the cryptocurrency spotlight with the launch of a new wallet.
Lee returns with “credit card” hardware wallet
His product, Ballet, is a credit card-sized device offering cold storage of Bitcoin (BTC) and fourteen altcoins, including Ether (ETH), XRP and Litecoin (LTC). Another eighteen will be added soon, the project’s website states.
Lee unveiled Ballet at the CoinDesk Invest Asia conference on Sept. 12 and is already signing up users for a public beta program.
“There are a lot of people who come to me and say: Bobby, will you help me store my bitcoin for me?” he told financial news publication Yahoo! Finance about why he entered the wallet sector.
Fresh competition for market stalwarts
The device will compete for space in a market dominated by a few well-known brands. Trezor, Ledger and KeepKey control the majority of hardware wallets available to regular cryptocurrency users, these nonetheless not coming in credit card form.
Made of steel, Ballet’s appearance echoes that of CryptoSteel, a backup seed protector device sold in tandem with Trezor’s wallets.
Hardware wallets allow for better protection of funds if used correctly, while some manufacturers have faced criticism over standards.
Last year, a new offering from Bitfi saw a PR nightmare after testers debunked the company’s claims its wallet was unhackable. The launch had the support of Bitcoin proponent John McAfee, who vigorously defended the wallet until Bitfi admitted it was vulnerable.