1inch DAO to allocate $2 million for hardware wallet production

The DeFi project’s community of 1inch Network backed a proposal to allocate $2 million to start hardware wallet production for the ecosystem.

? New @1inch Proposal Voting Alert: [1IP-30] 1inch Hardware Wallet production completion
?️ Vote & join the discussion: https://t.co/WUEDdiPXi7 #DAO #DeFi

— 1inch DAO (@1inchDAO) June 8, 2023

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Nearly 99% of those who voted were in favour of the allocation.

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In January, project representatives said that the 1inch Hardware Wallet is in the final stages of development.

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An independent team is developing the product, having received a $175,000 grant from the 1inch Foundation in 2022. It has now moved to the alpha-testing stage of an engineering prototype.

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Among the key features cited by the developers are:

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• security through open-source software (users can audit and reprogram the firmware, verify authenticity, and more);
• enhanced integration with the 1inch app;
• the Multi-seed option, which enables creating and controlling multiple wallets with different seed phrases;
• a fully isolated device with the ability to connect via QR code or NFC;
• transparent transaction signing with a full breakdown of operations and call data analysis.

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The team expects to move to commercial wallet production, international certification, and the formation of a distribution network in the third to fourth quarter. Among the main cost items of the allocated funds they identified:

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• device production and component procurement — $600 000;
• development funding (including salaries) — $490 000;
• testing of technical characteristics and certifications — $110 000;
• trading licenses, regional approvals and other legal costs — $120 000;
• setting up sales and supply channels — $250 000.

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Funding will also go toward reimbursing operating expenses, marketing, security assessment, partnerships, integration, and other aims.

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«We will provide DAO with exhaustive documentation on request at any point along our path. This report will detail how the funds are used, guaranteeing that every dollar is spent on delivering a high-quality product in the interests of the 1inch DAO and the ecosystem», the team said.

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Earlier in February, 1inch Network integrated Web3-wallet Burrito Wallet from the Korean cryptocurrency exchange Bithumb.

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