YOUNIQX Identity AG, a subsidiary of Austria’s official passport manufacturer announced on Monday that it has launched a crypto hardware wallet solution known as the Chainlock Card.
The company cites research into exchange fraud or hot wallet vulnerabilities as one of the key reasons for developing the product.
YOUNIQX claims it has developed a “forgery-proof” solution for storing Bitcoin and other cryptocurrencies offline.
Parent company OeSD (Oesterreichische Staatsdruckerei) is a high-security firm that specializes in government-issued documents like personal ID’s and the Austrian passport.
It consequently uses similar features in the manufacture of this card. For example, color gradients, UV prints, security kiss cuts, and holograms are all featured in this implementation. The Chainlock Card is reportedly even water-proof and heat-resistant.
Austrians are not that fond of debit/credit cards, to begin with. Fortunately, there are many other users in Europe and worldwide who do. The move will allow YOUNIQX to take advantage of consumers more familiar with card-based systems.
Its French cousin, Ledger, already has a sizeable lead in wallet adoption thanks to its USB-style hardware wallets. Chainlock’s private key, however, is sealed on the back of the card and is only revealed to the user, the press release states.
The key creation process is still awaiting a patent application so it’s unclear yet how the company prevents employees or fraudsters from gaining access to user funds. The company furthermore claims that the product is a 100% offline solution and cannot be hacked via the internet, NFC, WiFi, private key scammers or malware.
The Chainlock card is currently available worldwide via Coinfinity or in Singapore through the Tokenize Exchange. Cards are only available in Bitcoin or Ethereum flavors for now and will set you back €59.99 (around $66).
Like other hardware wallets, Chainlock punts itself as a solution for HODL’ers and not necessarily short-term traders. Users can make transactions by removing the seal and revealing the private key. You’ll also need to pair this with the official app to authorize outgoing transactions with a QR code.
Last modified: June 23, 2020 2:40 PM UTC