Crypto Wallet Company Ballet Announces $21 Million in Customer Deposits
Ballet, the new physical wallet startup by the founder of China’s first bitcoin exchange Bobby Lee—announced it had reached a milestone $21 million in customer deposits.
“We are excited about this milestone of $21 million in cryptocurrency being stored on Ballet wallets by our loyal customers worldwide,” Lee, who is Ballet’s founder and CEO, said. “It’s great to see more and more people starting to trust Ballet as an easy, safe, and reliable cryptocurrency wallet. It’s the cryptocurrency wallet for the rest of us.”
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Ballet was founded in March 2019 to provide simpler alternatives to the hardware wallets currently on the market that are suitable for the average consumer.
Ballet’s physical wallets are credit card-shaped and made of stainless-steel. Similar to physical bitcoins, private keys and addresses are pre-generated for the customer to make managing and storing cryptocurrencies easier, while ensuring high security through the use of two-factor private keys.
Lee also highlighted the functionality of the Ballet wallet companion app, available on iOS and Android, which allows users to view and manage the cryptocurrencies on their wallets. The app recently introduced a function that allows users to exchange cryptocurrencies within the app and will soon allow users to buy cryptocurrencies in the app.
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Lee said Ballet has found success as the continuation to BTCC Mint, BTCC’s physical bitcoin brand, which, over its three years of business, sold physical bitcoins worth more than $88 million dollars in today’s prices.
Ballet raised more than $3 million in seed round financing in 2019 led by Ribbit Capital—a prominent Silicon Valley venture capital firm that has invested in Coinbase, Revolut, Robinhood, Xapo, and many other early stage fintech companies.
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