More than a year after he sold one of China’s longest-running bitcoin exchanges, Bobby Lee, co-founder and former CEO of BTCC, is back.
Announced Thursday at CoinDesk’s Invest: Asia event in Singapore, Lee’s new venture, Ballet, is rolling out a hardware wallet supporting multiple cryptocurrencies.
To differentiate its product and spur adoption outside crypto circles, Ballet will generate public addresses and private keys for users in advance.
Lee believes this design will make it easier for people who have no exposure to crypto to get hands-on experience with the asset without having to go through the set-up process most hardware wallets require.
“We wanted to create a wallet that is simple and elegant. And that is what we’ve done,” Lee said on stage Thursday.
The wallet, also dubbed Ballet, is a piece of metal the size of a credit card that prints a QR code associated with the cryptocurrency wallet address set up by Lee’s firm.
On each wallet, beneath the QR code, there is a string of printed encryption code. At the bottom of the card, there’s another string of encryption code that’s coated, which a user must scratch off in order to see.
Only the combination of the two through Ballet’s iOS and Android app, also launched Thursday, will allow the user to see the private key, which will be the same key to access all cryptos on different blockchains that Ballet supports.
“I’ve been working on this hard since January of this year,” Lee said during his presentation. “We’ve gone through six iterations of this hardware wallet design.”
Currently, the firm’s product supports native cryptocurrencies on the bitcoin,