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Crypto Exchange Builds Bitcoin Wallet with Fingerprint Recognition


decrypt.co 2020-10-15 11:50
Reading time: ~2 m

Crypto exchange Gate.io has launched its hardware wallet, the Wallet S1, to strengthen the safety, security, and storage of a user's private keys, the firm said in a release shared with Decrypt.

Based in Hong Kong, Gate.io facilitates over $63 million daily on its crypto listings and aims to further its security practices for clients with the new hardware wallet offering.

Per the release, the Wallet S1 is a private key safekeeping solution for customer funds featuring an in-built display with fingerprint recognition. This creates a unique password for each holder—as no individuals share the same fingerprints—instead of the need to memorize complicated passwords (which can theoretically be brute-forced).

A look at Gate.io's crypto wallet. Image: Gate.io.

“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.

This system makes hacking wallets impossible, even with private keys

She added, “It is the first hardware wallet with a world-leading fingerprint recognition algorithm which can auto initialize when detecting brute-force attack.”

Gate.io claims the Wallet S1 supports more than 10,000 cryptocurrencies, including major assets like Bitcoin and Ethereum, among other altcoins—althought there aren't even that many listed on CoinMarketCap.

Meanwhile, the exchange noted the rollout is part of a broader plan to build out GateChain, Gate.io’s own blockchain network. Some usecases in this regard are the eventual support for Wallet S1 in GateChain’s Vault address and to interact seamlessly with any DeFi apps operating on the network.

The wallet launch comes as growth in the crypto market has surged in recent months, specifically in the DeFi space, which went from an obscure industry from earlier this year to attract over $11 billion spread across various dapps as of today.


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