CoolBitX announces plans for US office in its quest to spur mass adoption of cryptocurrencies. Backed by $13 million in VC funding and a new partnership with the Litecoin Foundation, CoolBitX also introduces its CoolWallet S at $99.
When it comes to e-wallets, nothing compares to a hardware one. Although wallets for cryptocurrencies are extremely secure, soft wallets are always more vulnerable in comparison. This is not due to lack of security in wallets themselves. The very long encrypted string of characters that make up the public and private key are very hard to crack through brute force or other traditional means of hacking.
However, it is the machine that connects online to access these wallets that are vulnerable and therefore, soft wallets are susceptible to attack. The PC or the laptop that is used to connect to the wallet may have malware installed that actively seeks out private keys when entered against a public key and gain complete access to the funds within. Even if the computer is free of such malware, users usually store their information on the computer itself and anyone can access those-again, taking away the funds.
Hardware wallets are more secure because they are, what the industry has come to phrase; cold wallets. Normally in the shape of USB devices, they are connected to a computer or a laptop only when transaction is needed. After the transaction, they are removed from the PC. Added layers of security protect the device when connected online. After the device is disconnected, it cannot be accessed, so even if the private keys are compromised, hackers and thief cannot access the device since it is not connected online.
CoolWallet S is a special hardware wallet from the CoolBitX organization. They hardware wallet is a small digital device that is designed for the modern crypto user who is more than just a trader and uses the digital currency in his or her daily life. The device has some nice features:
- Size: The device is the exact dimensions of a credit card, making mobility as easy as carrying a card in one’s wallet or purse.
- Multiple Currencies: The wallet supports Bitcoin, Ether, Litecoin, XRP, Bitcoin Cash and ERC20 based tokens, making it truly versatile.
- Security: With an EAL5+ certified Secure Element microchip embedded within the wallet, security is one the best in the market.
- Mobile Access: Accessible through connecting with encrypted Bluetooth channel, only the owner can access the funds. The app is available both on Android and iOS.
- Trading: When connected to the mobile app, the wallet can not only be used to make transactions, but trading of assets as well.
- Display: The device has a small e-paper display that shows crucial information such as the batter level and connectivity status.
- OTA Updates: with the ability to update its firmware over the air, latest security patches and services can always be integrated to give the best of services to the card holders.
New Avenues and Partnerships
The Cool Wallet S has been recently announced to be launched in the US market. The Taiwanese company has already made significant impact in the world with its first CoolWallet that was launched back in 2016. CoolBitX has also announced the future opening of a satellite office in the US, in order to expand its presence in the market.
The company’s success with its previous hardware wallet has made many organizations around the world to take keen interest in the new credit card sized wallet and SBI Holdings, a Japanese financial technology giant has already invested USD 13 million into the company to enhance its manufacturing and delivering capabilities.
CoolBitX has also attracted Charlie Lee, the founder of Litecoin. With the partnership with the Litecoin Foundation, Charlie Lee steps into the role of an advisor to CoolBitX. Both organizations will work towards the betterment and mass adoption of cryptocurrencies through secure wallets and in this regard, the CoolWallet S will be launched together by the two entities during the upcoming Litecoin Summit event and will be available for purchase through the Litecoin Foundation website. This cooperation not only will give CoolBitX access to a huge user base of Litecoin, but also will help crypto holders to get their hands on one of the most secure hardware wallets ever made.
“The CoolWallet S is one of the best hardware wallets I’ve ever used,” said Charlie Lee, Creator of Litecoin and Managing Director of the Litecoin Foundation. “It has one important feature that’s missing from every other hardware wallet: ease of use. It combines the security of hardware wallets with the ease of use of mobile wallets, a crucial step towards mass adoption.”
“At CoolBitX, we want to eliminate pure, insecure software wallets and bring hardware wallets up to date by introducing the CoolWallet S,” said Michael Ou, Founder and CEO of CoolBitX. “We’re proud to be launching the CoolWallet S in America as a bridge between blockchain and greater audiences. This is an exciting opportunity to partner with Charlie Lee and the Litecoin Foundation, and we look forward to being the next generation of blockchain pioneers.”