Trust Machines, a Web3.0 firm co-founded by Stacks Co-Creator Muneeb Ali and Princeton computer science professor JP Singh, announced the launch of a new wallet dubbed Leather.
The flagship wallet is a new Bitcoin (BTC) wallet brand designed to drive the global transition to a digital economy built on Bitcoin. The launch of Leather was achieved through the acquisition of assets from Hiro Systems PBC.
This acquisition and rebranding now makes Leather Wallet LLC a subsidiary of Trust Machines.
Trust Machines Set to Offer High Quality User Experience
Markedly, Trust Machines plans to deliver the highest quality user experience possible while providing unparalleled developer resources for app integration at the same time. The newly launched wallet will play a crucial part in achieving this result by pioneering a higher standard of accessibility. According to a Trust Machines blog post,
“Even non-technical users worldwide should feel empowered to tap into the Bitcoin economy with innovative use cases that provide long-term, reliable value.”
Bridging the Gap Between BTC And L2s
Before the acquisition and rebrand of Hiro Wallet, the protocol supported Stacks L2 functionality and Bitcoin Ordinals.
With the revamp, however, Trust Machines is looking to bridge the gap between the BTC network and other emerging Layer-2 solutions It supports the performance of several activities including the deposit, view, creation, trade and transfer of Ordinals, Stack Non-fungible tokens (NFTs) and Bitcoin Stamps.
Amongst many other things, the wallet is self-custody, open-sourced, and audited. The Chief Executive Officer (CEO) and Co-founder of the project Muneeb Ali reiterated that the connection between Bitcoin and L2s is necessary for the token to reach billion users. Per a statement from Ali, “Instilling trust and security through decentralization is a key factor of our Bitcoin wallet.”
Crypto Wallets Suffers Attack
Ali’s talk about instilling security cones amidst a prevalence of wallet attacks in the crypto space. Many Web3.0 wallets have suffered severe losses from the exploits perpetrated by bad actors who sometimes leave them empty.
Cryptocurrency wallet, Trust wallet suffered an exploit that led to the loss of $170,000 in two separate transactions. The affected wallets were promised a reimbursement from the company. Atomic Wallet was equally attacked and many of its users claimed to have lost their entire crypto holdings.