With virtual currency transactions increasing every day, the need to ensure safety from cyber-attacks has also risen. The concept of a Cold Wallet (which is a hardware device that looks like a USB storage drive or cards to store key data offline, is becoming popular. Korean IT startup KeyPair, which has been developing Hardware Security Module (HSM), has released its latest card-type cold wallet Key Wallet Touch that connects to mobile devices via Near Field Communication (NFC).
The Cold Wallet that keeps data safe
KeyPair says that Key Wallet Touch is the world’s first NFC based HSM that uses a smart card IC chip to establish an integrated system for electronic financial transactions. The company’s cold wallet has been chosen by 75 % of the banks in Korea for providing its customers with authentication services. The Key Wallet Touch supports FIDO UAF function, which is a global biometric authentication standard.
The Key Wallet Touch is basically the same as a handy credit card. Users can easily store and exchange passwords via Key Wallet Touch using the app. The cold wallet system designed by KeyPair separates the virtual money from PCs or mobile phones. This enables safer transactions of crypto-currency and protection from cyber threats. The Key Wallet Touch supports Bitcoin, Litecoin and Ethereum. Also, while using Key Wallet Touch, the user can save remittance charges by 30% to 40%.
“We do follow FIDO’s process.
Our security solutions are perfect for FinTech & IoT.”– KeyPair
The device has an almost indefinite lifespan which means, there is no chance of losing the data unless the user loses the device. In that case, the user can also use another Key Wallet Touch to back up the data of the first card. KeyPair first launched a USB-type Key Wallet and the Key Wallet Touch is their second product. The Key Wallet Touch is moderately priced at $69.99 and easily available online.
More advanced & specific cold wallets in the future
The company plans to introduce Key Wallet Pro soon, which will be an on-the-go type wallet using fingerprint verification technology. The Key Wallet Pro was showcased in Consumer Electronics Show (CES) in Las Vegas in January 2018 and had received rave reviews. The company is also planning to develop a cold wallet system specifically for corporate customers in the near future.