Crypto exchange Gate.io new crypto wallet features a fingerprint scanner to ensure the security and safety of user’s funds. It supports more than 10,000 cryptocurrencies, including major cryptos such as Bitcoin and Ethereum, among other altcoins—although there aren’t even that many listed on CoinMarketCap.
Gate.io has launched its hardware wallet, the Wallet S1, which strengthens the safety, security, and storage of a client’s private keys, the firm said in a release.
Based in Hong Kong, Gate.io facilitates over $63 million daily on its crypto listings and plans to further its security practices for its users with this new hardware wallet.
Per the release, this Wallet is a private key safekeeping solution for user’s funds featuring an in-built display with fingerprint recognition. This makes a unique password for each holder—as no individuals share the same fingerprints—so there is no need to memorize complicated passwords (which can theoretically be brute-forced).
“The private key is locked in the hardware itself, safely away from the internet, and it makes it more convenient in signature signing when the user makes a daily use transfer,” Marie Tatibouet, CMO at Gate.io, said in a statement.
Meanwhile, the exchange said the rollout is part of a broader plan to build out GateChain, Gate.io’s own blockchain network. Some use cases in this regard are the eventual support for Wallet S1 in GateChain’s Vault address and to interact seamlessly with any decentralized finance (DeFi) apps operating on the network.
The wallet launch comes as growth in the crypto market has increased in recent months, particularly in the DeFi space, which went from an obscure industry from earlier this year to attract over $11 billion spread across different dapps as of today.