ARCHOS, a French multinational electronics company, has announced that it is providing the cryptocurrency community with the ARCHOS Safe-T Mini[1], its first hardware wallet to prevent hacking attempts.
The crypto industry has had its fair share of hacks. Last week, South Korean exchange Bithumb was the victim of a hack, resulting in the theft of $31 million worth of cryptocurrencies. This followed the ‘cyber intrusion’ at Seoul-based exchange Coinrail, where thieves reportedly siphoned off with around $40 million of crypto reserves earlier this month.
The ARCHOS Safe-T Mini provides cryptocurrency traders with a cold storage wallet, combining a high level of security for their crypto assets. The wallet is available to pre-order on amazon.com and archos.com for shipment starting Tuesday, 17th July 2018. It is priced at €49,99, £49,99, and $59,99. For the first time, ARCHOS will accept payment in Bitcoin on its online store.[2]
Unveiled at the Mobile World Congress in Barcelona in February, the Safe-T Mini enables a user to:
- Isolate its cryptographic keys (offline) to protect its assets;
- Send and receive payment securely;
- Check its account securely;
- If a user loses its Safe-T Mini, they can recover the coins using a 24-word recovery seed key;
- Executes all transactions on the device, offline;
- Embeds a screen that displays entire transaction information, so that user can check details on screen before validating;
- All transactions must be validated physically via the hardware buttons of the Safe-T Mini;
- It restrictively requires manufacturer software on the device while requesting the setup of a PIN code and a recovery seed key to ensure that only the owner can access and use it.
According to Statista, nearly 24 million people worldwide own cryptocurrencies. Since Bitcoin’s creation the number of blockchain wallets has
