diff --git a/CMakeLists.txt b/CMakeLists.txt
index bd9fd12..bc4aa4f 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -75,6 +75,13 @@ else()
 endif()
 
 set(USB_ITF_HID 1)
+
+option(WAVESHARE_RP2350_ONE "Enable Waveshare RP2350-One LED support" OFF)
+if(WAVESHARE_RP2350_ONE)
+    add_definitions(-DWAVESHARE_RP2350_ONE=1)
+    message(STATUS "Waveshare RP2350-One: \t enabled")
+endif()
+
 include(pico-keys-sdk/pico_keys_sdk_import.cmake)
 
 if(NOT ESP_PLATFORM)
@@ -115,7 +122,7 @@ set(SOURCES ${SOURCES}
         )
 endif()
 
-SET_VERSION(ver_major ver_minor "${CMAKE_CURRENT_LIST_DIR}/src/fido/version.h" 2)
+SET_VERSION(ver_major ver_minor "${CMAKE_CURRENT_LIST_DIR}/src/fido/version.h" 3)
 if(ESP_PLATFORM)
     project(pico_fido)
 endif()
diff --git a/README.md b/README.md
index fd92c56..0e48e7a 100644
--- a/README.md
+++ b/README.md
@@ -75,6 +75,7 @@ PICO_SDK_PATH=/path/to/pico-sdk cmake .. -DPICO_BOARD=board_type -DUSB_VID=0x123
 make
 ```
 Note that `PICO_BOARD`, `USB_VID` and `USB_PID` are optional. If not provided, `pico` board and VID/PID `FEFF:FCFD` will be used.
+For Waveshare RP2350-One board, add `-DWAVESHARE_RP2350_ONE=ON` to enable RGB LED support on GPIO 16.
 
 Additionally, you can pass the `VIDPID=value` parameter to build the firmware with a known VID/PID. The supported values are:
 
@@ -118,6 +119,18 @@ While processing, the Pico FIDO is busy and cannot receive additional commands u
 
 ![Processing](https://user-images.githubusercontent.com/55573252/162009007-df45111e-2473-4a92-97c5-15c3cd19babd.gif)
 
+### Waveshare RP2350-One RGB LED
+
+The Waveshare RP2350-One uses a WS2812 RGB LED on GPIO 16. Different colors indicate different states:
+
+| State            | Color     | Pattern                         |
+| ---------------- | --------- | ------------------------------- |
+| Not mounted      | 🔴 Red    | 500ms on / 500ms off            |
+| Mounted (active) | 🟢 Green  | 500ms on / 500ms off            |
+| Suspended (idle) | 🔵 Blue   | 1000ms on / 2000ms off          |
+| Processing       | 🟢 Green  | 50ms on / 50ms off (fast blink) |
+| Press to confirm | 🟡 Yellow | 1000ms on / 100ms off           |
+
 ## Driver
 
 Pico FIDO uses the `HID` driver, which is present in all operating systems. It should be detected by all OS and browser/applications just like normal USB FIDO keys.
diff --git a/build_pico_fido.sh b/build_pico_fido.sh
index 497d70d..d120690 100755
--- a/build_pico_fido.sh
+++ b/build_pico_fido.sh
@@ -1,7 +1,7 @@
 #!/bin/bash
 
 VERSION_MAJOR="7"
-VERSION_MINOR="2"
+VERSION_MINOR="4"
 SUFFIX="${VERSION_MAJOR}.${VERSION_MINOR}"
 #if ! [[ -z "${GITHUB_SHA}" ]]; then
 #    SUFFIX="${SUFFIX}.${GITHUB_SHA}"
diff --git a/pico-keys-sdk b/pico-keys-sdk
index 668b1ac..8075611 160000
--- a/pico-keys-sdk
+++ b/pico-keys-sdk
@@ -1 +1 @@
-Subproject commit 668b1ac1dd2fdd0934ae1f92bea8e266e8319f4f
+Subproject commit 8075611f1565a12de6326e18afbc212d3d3c8548
diff --git a/src/fido/version.h b/src/fido/version.h
index f8625ce..dbf1962 100644
--- a/src/fido/version.h
+++ b/src/fido/version.h
@@ -18,7 +18,7 @@
 #ifndef __VERSION_H_
 #define __VERSION_H_
 
-#define PICO_FIDO_VERSION 0x0702
+#define PICO_FIDO_VERSION 0x0704
 
 #define PICO_FIDO_VERSION_MAJOR ((PICO_FIDO_VERSION >> 8) & 0xff)
 #define PICO_FIDO_VERSION_MINOR (PICO_FIDO_VERSION & 0xff)