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Bobby Lee is Back With a Hardware Solution for the Masses

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September 12, 2019 | 

1114 Views | 

Darryn Pollock | 

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One of the cryptocurrency’s most-well known personalities, Bobby Lee, who was the head of BTCC for some time, has returned to the limelight with a new product called Ballet. Ballet, is rolling out a hardware wallet supporting multiple cryptocurrencies headed up by Lee.

The idea of Ballet is to be a solution in hardware wallets for all, and in doing so, offers both a simplified offering where only a public key is offered to users, or a more advanced offering where the private key is also given.

The reason for this, according to Lee, is to help spur adoption of Bitcoin and other cryptocurrencies even further. He believes his project will be enticing to new cryptocurrency users and veterans alike. 

We wanted to create a wallet that is simple and elegant. And that is what we’ve done,” Lee said

Speaking from experience

Lee comes from very good cryptocurrency stock as his brother, Charlie, is the creator of Litecoin and has made his own success with driving that popular altocin to be the “silver to Bitcoin's gold.” Booby on the other hand made his name with a successful exchange. 

Lee was the head of BTCC, one of the earliest crypto exchanges in China. He joined BTCC in 2013 as a co-founder and CEO, two years after the exchange was launched by Yang Linke, and helped the firm secure a $5 million Series A funding round backed by VC giant Lightspeed.

In January 2018, BTCC was sold to an unnamed blockchain investment fund based in Hong Kong, just months after China’s central bank issued a ban on initial coin offerings (ICOs) as well as fiat-to-crypto trading.

A credit card offering

Now Lee is trying his hand at a part of the cryptocurrency market that has long been dominated by a few names, with little competition to spur on innovation. The hardware wallet market dominated by a few well-known brands. Trezor, Ledger and KeepKey who control the majority of these types of devices available to regular cryptocurrency users.

Explaining the device from Ballet, Lee said that it is a simple 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 will be a string of printed encryption code. At the bottom of the card, there’s another string of encryption code that’s coated, the private key, which a user must scratch off in order to see.

In order to get the card to work, the combination of the two strings of code in the app, also launched by Ballet, will allow the user to see the private key. This private key will be the same key to access all cryptos on different blockchains that Ballet supports.

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