Today we are proud to announce a major growth milestone for our company. There are now over 21 million dollars worth of cryptocurrency secured by Ballet wallets. This milestone was achieved only 9 months after the Ballet REAL Series was launched in October 2019. That makes Ballet one of the fastest growing wallet services worldwide.
Ballet’s flagship product is the REAL Series physical cryptocurrency wallet. It’s the world’s first non-electronic cryptocurrency wallet with multicurrency support. It was specifically designed to provide the ideal balance of security and usability for new cryptocurrency users. Ballet wallets are ready to use right out of the box; no computer setup, no recovery seed phrases, no passwords or pin numbers, and no KYC required. They are constructed of stainless steel for high durability, and elegantly crafted.
In addition to the physical Ballet wallet itself, there is a companion app called Ballet Crypto that provides a number of useful functions. You can monitor and organize all of your Ballet wallets, see their transaction history and aggregate value in real-time, exchange currencies within your wallet, automatically sweep funds from private key seed phrases into your Ballet wallet, and more. We are building a rich software ecosystem to support and enhance the Ballet user experience, and this is just the beginning of our vision.
The 21 million dollar milestone is an affirmative sign that trust in Ballet and recognition of the unique utility of non-electronic cryptocurrency wallets is growing. It may not seem like a big number, but the amount of value locked up in Lightning Network channels is only 11 million dollars. Although Ballet wallets and Lightning Network exist for very different purposes, the comparison offers a sense of scale. As we move forward, our foremost priority is to maintain the trust that our users have placed in us. Devotion to security is deeply embedded in the DNA of our company, and it always will be.