Ballet is a new startup that builds Bitcoin Wallets and is founded by the founder of China’s First Bitcoin exchange founder Bobby Lee.
Bobby Lee said in a statement to Yahoo Finance UK that Ballet is introducing new credit card-sized wallets that will “allow normal people, regular people access to cryptocurrency.”
REAL, Ballet’s first wallet has no electrical parts. This means that the wallet cannot be hacked and will store electronic keys. This wallet will act as a safe deposit and store owner’s private key that they require to open their online wallets.
Lee who was a former Walmart Executive said, “It’s like a cash, Once you load it with Bitcoin, Litecoin, Ethereum, this device has everything it needs to access the funds. He also said, “It can be used as a gift to give someone or you can just store it in safe deposit box and hide it somewhere at home. This is completely offline, there’s no hacking risk.”
Prior to founding Ballet, Lee has previously founded and ran China’s first cryptocurrency exchange BTCC. The startup was on a steady rise when Beijing banned crypto exchanges in China in the year 2017. This resulted in a stop to BTCC.
In early 2018, Lee sold the BTCC for an undisclosed amount. Commenting on the same, Lee said the business was sold for an eight-digit amount and added it was “a good number we were all very happy with.”
Telling about his past year, he said: “I spent most of last year giving speeches, travelling, taking some vacation, spending time with family — just enjoying life having made some money off of my last startup”.
After spotting a gap in the crypto market, Lee said it inspired him to return to the cryptosphere.
“There are a lot of people who come to me and say: Bobby, will you help me store my bitcoin for me?”
Ballet has successfully raised around $5 million in seed funding from Ribbit Capital and Lee’s family and friends. Ribbit is a Silicon Valley-based Venture Capitalist firm that was an early investor in Coinbase and some other fintech startups like Revolut.
Headquartered in Las Vegas, Ballet will ship its REAL wallets to beta testers in the coming few weeks. This will be followed by a wider roll-out in the month of October. The product price is set at $35 but in the initial stages will have a promotional offer of $29.
Around the time Lee was selling BTCC, the price of Bitcoin had reached approx $20,000. However, it has since crashed and taken the rest of the crypto market with it. Since last July, Bitcoin is trading around $10,000.
Bobby said, “People get dissuaded or get doom and gloom after the big rise to $20,000 in 2017 and then the crashing down”. Adding that “We are in one of many, many cycles to come. Any cycle will take us to higher and higher heights. I’m quite confident sitting on my bitcoin investment that in a very short amount of time we’ll exceed $20,000 and go to $50,000, $100,000, even $200,000.”
Clarifying he said, “When I say a short time, I don’t mean minutes or hours, I mean maybe months, if not a few years.”