Swiss watchmaker A. Favre & Fils has announced plans to release a timepiece with a built-in cold wallet.
A. Favre & Fils, a tenth-generation company, has been a pioneer in the industry since 1718, and they are set to continue this tradition.
On their website, the watchmaking giant stated: “We are proud to announce the conception of the first ever Swiss handcrafted mechanical timepiece with a built-in crypto-currency cold wallet.”
A cold wallet is a form of storage for cryptocurrencies that is held offline. One benefit of a cold wallet is that without an internet connection, hackers are less likely to compromise the storage device. With the implementation of a cold wallet into a watch, investors and traders will be able to keep their cold wallet on hand at all times.
Laurent Favre, who revamped the business in 2008 under its founding name, notes that they have “developed this first timepiece with the idea of offering something useful for the crypto-community, not simply something to spend their money on.”
One of the team members working on the project is Oliver Bussmann, a former CIO of UBS and SAP, who has a reputation as one of the “most influential” blockchain experts active today.
The new watch is expected to incorporate blockchain technology in tandem with state-of-the-art security to guarantee “ultimate in-data security and privacy protection.”
Watch and crypto enthusiasts hoping to get a glimpse of the timepiece will unfortunately have to wait until the first prototype launch, which is set for the second quarter of 2019.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.