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NEW YORK - Intchains Group Limited (NASDAQ:ICG), a $235 million market cap technology company known for its altcoin mining products, has launched the GS Wallet, its first cryptocurrency wallet, under the Goldshell brand. The company, which boasts impressive gross profit margins of 63%, made the product available on February 26, 2025, designed to enhance security and user experience for cryptocurrency enthusiasts. According to InvestingPro data, ICG maintains strong financial health with more cash than debt on its balance sheet.
The GS Wallet features a 3.5-inch true-color touchscreen and a fully air-gapped design, which allows for secure transactions via QR codes without internet connectivity, reducing the risk of data leaks. It boasts a quick transaction completion time of approximately 30 seconds.
One of the key security measures of the GS Wallet is its data self-destruct mechanism, which activates upon detecting light exposure to protect user information. Additionally, the wallet has a three-chip security system with two chips storing mnemonic phrases and one chip for fingerprint data, facilitating asset recovery in case the device is lost or damaged.
For user convenience, the GS Wallet offers a fingerprint unlock speed of 0.5 seconds, a zinc alloy body for durability, and a companion mobile app to monitor account activity. It supports over 1,000 crypto assets and has a battery life of up to 9 hours.
ICG’s CEO, Mr. Ding Qiang, stated that the GS Wallet represents a significant step in the company’s Web3 application development and its ability to navigate crypto cycles. The launch follows the introduction of Goldshell Pay, a payment gateway platform, in Q3 2024. The company’s strategic initiatives are supported by robust revenue growth, with InvestingPro reporting a 202% increase in the last twelve months.
The GS Wallet is part of ICG’s broader strategy to develop Web3-based applications and to maintain an ETH-based cryptocurrency reserve for supporting its Web3 industry initiatives. The wallet is now available for purchase on Goldshell’s official website.
This news is based on a press release statement from Intchains Group Limited.
In other recent news, Intchains Group Ltd ADR reported a significant year-over-year revenue increase of 109% for the fourth quarter of 2024, reaching $10.2 million. The company’s non-GAAP adjusted net income also rose by 54% to $2 million. Intchains has introduced new products, including the Aleo series mining product and a hardware wallet, which are expected to drive future performance. Analysts at The Benchmark Company noted the demand for Dogecoin mining rigs and the company’s strategic focus on Ethereum accumulation, which increased by 37% quarter over quarter. Intchains projects Q1 2025 revenue to be between RMB 100-120 million and H1 2025 revenue between RMB 200-250 million. The company remains optimistic about the potential of the Dogecoin mining market and plans to upgrade its mining machines. Premier Partners analysts highlighted the company’s cautious yet confident outlook for the cryptocurrency market, considering current economic pressures. The company’s total assets stand at $149 million, with cryptocurrencies making up a significant portion of this value.
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