Gate.io’s new crypto portfolio features a fingerprint reader to ensure the security of customer funds

The Cryptomedas Gate.io exchange launched its hardware portfolio, Wallet S1, to strengthen the protection, security and storage of users‘ private keys, the company said in a press release shared with Decrypt.

Gate.io claims that the Wallet S1 supports more than 10,000 cryptomachs, including important assets such as Bitcoin Profit and Ethereum, among other altcoins – although there are not as many assets listed in CoinMarketCap.

Headquartered in Hong Kong, Gate.io moves more than $63 million daily and aims to improve its security practices for customers with the new hardware portfolio offering.

According to the press release, Wallet S1 is a private key protection solution for customer funds, with an integrated display with fingerprint recognition. This enables the creation of a unique password for each holder – since no individual shares the same fingerprints – instead of the need to memorize complicated passwords (which can even be shared without the user’s intent, using brute force for example).

„The private key is locked in the hardware itself, out of internet connections, and it becomes more convenient when the user needs to make daily transfers,“ said Marie Tatibouet, CMO of Gate.io, in a statement.

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She added: „It’s the first market-leading hardware portfolio with a fingerprint recognition algorithm that can automatically initialize when it detects attacks using brute force.

Meanwhile, the exchange noted that the launch is part of a broader plan to build GateChain, Gate.io’s own blockchain network. Some important points are the support for the S1 Wallet in the GateChain Vault address and the perfect interaction with any DeFi applications operating on the network.

The launch of the portfolio takes place at a time of boom, in which the market for cryptomoedas has grown in recent months, specifically in the DeFi market, which has moved from an obscure industry earlier this year to a market that attracts more than $11 billion spread across several apps today.