Hitachi Research and Development Corporation is collaborating with blockchain developer Concordium Foundation to create a "technical proof" for a biometric encrypted wallet. The new wallet will allow users to generate a set of seed words using only fingerprint or facial scan and will not require users to store or remember these seed words. A representative from Concordium stated that users will be able to re-import wallet accounts through a second biometric scan. The wallet is still in the early stages of development and is referred to as a "technical proof" rather than a mature wallet. Once completed, it will combine Hitachi's Public Biometric Infrastructure (PBI) with Concordium's self-sovereign identity framework to create biometric-based accounts.

Web3 consumer-facing app Setter has raised $5 million in a seed round led by Andreessen Horowitz (A16z) and featuring participation from Marcy Ventures Partners, Dreamers VC, Thirty-Five Ventures, and Serena Williams. The company is building a "smart contract wallet" that allows users to easily switch from traditional Web2 payments to crypto using their credit cards. Setter aims to make it simpler for non-crypto native users to join Web3 and wants to help brands explore Web3-powered commerce by enabling them to offer payment options that allow users to easily switch from fiat to crypto. The company's initial plans are to develop partnerships with leading streetwear and sneaker brands, with an ultimate goal of expanding its ecosystem across fashion, luxury items, and consumer collectibles.

The cryptocurrency wallet Code based on Solana has made its code completely open source, making it one of the first Solana-based applications to fully open source its application under the MIT license. The MIT license allows users to "copy software code and related files as is," which means that anyone can now use, copy, modify and distribute Code's software without restriction. <br>

Uniswap Labs, the team behind the leading decentralized exchange by trading volume, has announced the release of an Android version of its new cryptocurrency wallet. The wallet is designed for swapping and protects against MEV attacks, while supporting eight different chains in six languages and 18 currencies. The 430,000 Android beta testers of the app will not need to re-download the wallet app, but can simply update their existing app. Uniswap Labs credits the feedback from beta testing for making the final product faster and more secure.

The Consumer Financial Protection Bureau (CFPB) in the United States has proposed a rule that would allow it to regulate large non-bank digital wallet and application providers. This rule is part of a larger initiative by the agency to expand its regulatory reach to include consumer reporting, debt collection, student loan servicing, international money transfers, and auto financing. The proposed rule specifically targets crypto wallets, stating that the definition of "funds" should be expanded to include crypto assets consistent with other federal regulations. This rule primarily applies to the retail use of cryptocurrencies, as purchasing or selling cryptocurrencies with fiat currency and exchanging one cryptocurrency for another will be excluded.