Shiba Inu Developers Working on SHIB-Exclusive Cold Storage

Paigambar Mohan Raj
Source: BitPay

As per a recent announcement on the Shibarium Discord server, Shiba Inu (SHIB) developers are working on a customized SHIB cold wallet. The team is now hosting AMA sessions with popular exchange Huobi, and Certik, a blockchain and smart contract security company.

According to the announcement, developers want to collaborate with these organizations for a unique cold wallet system. Moreover, the wallet will be tailored to the Shiba Inu ecosystem. Additionally, cutting-edge design and innovative technologies are anticipated for the cold wallet.

There are currently few details available regarding the project’s development. The announcement suggested that the parties concerned are still determining whether a collaboration is feasible. Therefore, because of this, no precise launch date has been announced, and the details of the wallet’s functionality are unknown.

Nonetheless, the SHIB community is excited about the new initiative. Shiba Inu (SHIB) has been trying to add more real-world use cases for the project. The metaverse, Shibarium layer-2 network, and now the cold wallet is sure to add a lot more value to the project.

Will a Shiba Inu wallet help the ecosystem?

The importance of cold storage gained attention after the collapse of FTX in November 2022. Furthermore, SHIB is on the verge of launching its own blockchain, Shibarium. It only makes sense that the project should also have its own cold storage system.

According to Certik’s most recent quarterly report, $320 million worth of crypto assets were stolen by cybercriminals in just the first quarter of 2023. Furthermore, earlier this month, 172 billion SHIB tokens were stolen from one of Bitrue’s hot wallets as a result of a security breach. A cold storage system will not only give users added protection but will also further enhance the real-world use cases for Shiba Inu (SHIB). At press time, SHIB was trading at $0.00001027, down by 0.2% in the last 24 hours.