🐎 1Inch wants to launch its own hardware wallet

🐎 1Inch wants to launch its own hardware wallet ⚰️ New FTX CEO seeks to revive the crypto exchange 🤝 China enables first smart contracts for its CBDC

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🐎 1Inch wants to launch its own hardware wallet 

⚰️ New FTX CEO seeks to revive the crypto exchange

🤝 China enables first smart contracts for its CBDC

1Inch wants to launch its own hardware wallet

1inch wants to enter the hardware wallet business with its device that combines both a highly secure environment and ease of use. According to 1inch, the device is designed to be both easy to use and secure, with users able to easily view their assets, as well as securely store their private keys offline.

That doesn't sound very different from a traditional hardware wallet, but 1inch claims its wallet will offer additional features that set it apart. The highlight is the 2.7-inch touch display, which will allow users to visually verify their transactions before signing them off. This makes it easier to confirm the details of a transaction and prevents potential scams, such as signing off on an incorrect transaction.

The wallet will also be capable of wirelessly signing transactions using either QR codes or NFC technology. This is ideal for users who want to transfer their assets quickly without having to plug their device into a computer. Meanwhile, a rechargeable battery will ensure that the device is always powered on, allowing users to access their funds at any time.

While all that sounds great, 1inch will have to provide a secure environment for users' funds if it wants to compete in the hardware wallet market. The company promises that its wallet will be the most secure on the market and that it is working with security experts to ensure that its device meets the highest standards. We'll have to wait and see if 1inch can deliver on these promises, plus the hardware wallet scene is already pretty crowded, so the company will need to stand out from the competition. In any case, it's exciting to see 1inch continuing to innovate within the space.

New FTX CEO seeks to revive the crypto exchange

The new CEO of FTX, John Ray, has expressed that he is looking for a way to save the company and restart FTX.com. He has reportedly set up a task force to consider the different options available and has suggested that anything is possible.

FTX Group filed for Chapter 11 bankruptcy protection in November 2022, leaving many investors wondering what would become of FTX.com and the other 130 companies in the group. Now with SBF gone, there might be a mini-revival of sorts in the form of FTX.com through Ray's efforts.

The new FTX executives apparently have identified $5.5 billion of liquid assets while investigating the company's books and they estimate that more than $3 billion is owed to the exchange's top 50 creditors. In a statement, Ray said he has taken into account the feedback from stakeholders and some have expressed their faith that FTX is still a viable business.

At this time it's unclear what's next for FTX, but it's encouraging to see that the new leadership is taking action and considering all possible options. We'll be hoping that the new management will find a way to make investors whole.

China enables first smart contracts for its CBDC

China has enabled smart contract functionality for its CBDC (digital Yuan) through an app called Meituan, one of the largest e-commerce and lifestyle applications in the country.

This marks a big step for the digital Yuan, which has been in testing since 2020 and previously used in retail transactions and to buy securities.

Now the Chinese e-shopping app is offering a daily prize of 8,888 RMB ($1,312) to be divided up according to certain keywords that are triggered by a user’s purchase. When an order is placed and paid for with the digital yuan, the smart contract looks for those specific words in the list of goods purchased and the merchant name. If some of the keywords are present, the smart contract will allocate a portion of the prize money to the user’s digital yuan wallet.

This innovative use of blockchain technology for China’s CBDC demonstrates how practical and versatile it can be in real-world applications. Only one thing though, the currency is fully controlled by the government, so users don’t have the same freedom as they do with real crypto, and of course, the Chinese government knows exactly who is spending what.