Bobby Lee, the founder of China’s oldest Bitcoin exchange, BTCC, is back into the crypto industry with a new venture, Ballet wallet. This is after selling his BTCC exchange more than a year ago. The announcement came in a CoinDesk event that’s ongoing at Singapore.
Ballet is a hardware wallet that can support multiple cryptocurrencies in the market. The hardware wallet hopes to differentiate itself from other wallets by pre-generating private keys and public addresses for its users.
Bobby Lee believes that by doing so, it will be easier for amateur crypto traders or investors to use the wallet, minus the hassle of setting it up themselves like it is with other hardware wallets. However, once the company has finished setting up the wallet for its user, it deletes the data from their end to enhance privacy and security.
“We wanted to create a wallet that is simple and elegant. And that is what we’ve done,” spoke Bobby Lee at the event.
The Ballet wallet has a similar appearance to a credit card but with a QR code and is made out of metallic material. The QR code on the wallet is linked to the address generated in advance by the company.
The card also has two strings of encryption code; one beneath the QR code and the other at the bottom of the card, which is coated and can only be viewed by scratching off the coat. A Ballet wallet user has to use a certain iOS or android app, together with the two encryption codes, to access the private key which is required to access different cryptocurrencies supported by the wallet.
Currently, the wallet has support for Bitcoin, Litecoin, XRP, Ethereum, and other ERC-20 tokens.
How much will it cost?
Bobby Lee announced that the wallet will retail at $29 for all pre-orders; this is in an attempt to foster mass adoption. The price is relatively low compared to the prices of other hardware wallets. The first shipment for the pre-ordered wallets will be made in October.
During the event, Lee also said that the Ballet project commenced in December last year and that the company has been able to raise good capital for it, with the support from Ribbit Capital. It is essential to point out that Ribbit is also an investor in the Coinbase platform. The project’s headquarters will be in Las Vegas.