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CoolBitX X AMA Session With BeInCrypto

6 mins
Updated by Dirk van Haaster
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Editorial Note: The following content does not reflect the views or opinions of BeInCrypto. It is provided for informational purposes only and should not be interpreted as financial advice. Please conduct your own research before making any investment decisions.

We’re Getting Ready for Our AMA Session! Take a Comfortable Seat and Follow Our Conversation

Today we welcome Mark Latyshevich who is Business Growth Manager at CoolBitX in our AMA today.

🗣 COMMUNITY 

We’ll have 10 questions for Mark. After that, he will answer the 5 most interesting questions from you. 

Let’s get started 🚀 >> 

Hey Mark, please introduce yourself. And tell us about your company. 

Mark:

Hello everyone! I am Mark, and currently, I am working at CoolBitX as a business growth manager. CoolBitX was founded in 2014, and it specializes in developing innovative blockchain and cryptocurrency security solutions. Our flagship product is the CoolWallet, a hardware wallet that provides a secure and user-friendly way for individuals to store and manage their digital assets offline. Our company is committed to advancing the adoption and security of cryptocurrencies in the ever-evolving blockchain landscape.

Beincrypto: And what about the main CoolBitX products?

Mark:

Our main and popular products are CoolWallet S and Pro: CoolWallet is a credit card-sized hardware wallet that connects to your mobile device via encrypted Bluetooth. It allows users to securely store, send, and receive a variety of cryptocurrencies. With its sleek design and mobile app compatibility, CoolWallet offers a convenient and highly secure solution for managing digital assets on the go everywhere in the world.

Our second product is Sygna Bridge. Sygna Bridge is a compliance solution for virtual asset service providers (VASPs). This product plays a crucial role in promoting regulatory compliance in the cryptocurrency industry. But today we will talk mostly about CoolWallet. 

Beincrypto: And what makes CoolWallet different from other wallets? 

Mark: 

There are many aspects that make CoolWallet different from other wallets. The number 1 aspect is security. CoolWallet employs robust security measures, including a secure element called EAL6+ the latest in the industry chip. CoolWallet has biometric authentication, and a 2+1-factor authentication (2+1FA) process with physical confirmation on the CoolWallet button (shown in the picture). Private keys are stored in the secure element offline, ensuring protection against malware and other potential threats.

Next one is portability. CoolWallet is a credit card-sized hardware wallet that connects to your mobile device via Bluetooth. Its compact design allows users to carry it easily in their wallet, making it highly portable and convenient. The 3rd aspect is mobile compatibility. It is specifically designed for mobile use, no need for any cables or wires, only a dedicated app available for both iOS and Android. This mobile integration provides a seamless user experience and allows for secure management of your digital assets everywhere.

Also Supported Cryptocurrencies. CoolWallet supports a wide range of cryptocurrencies and we keep integrating more blockchain into CoolWallet on the quartile bases.

Beincrypto: Why are your wallets called cool? On your website there is a phrase “Hot + Cold = Cool!” 

Mark:

The term “Cool” in our product name, CoolWallet, is a reflection of the technology and innovation behind our wallets. It’s a play on words that conveys the idea of a “cool” or stylish solution for managing cryptocurrencies. 

CoolWallet combines the best of both worlds. It’s a “cool” solution because it bridges the gap between hot and cold wallets. It provides the security of a cold wallet (offline storage of private keys) while offering the convenience of a hot wallet (ease of use and mobile accessibility). In essence, it makes managing and securing your cryptocurrencies a “cool” and stylish experience.

Beincrypto: How does your mobile CoolWallet app let users navigate across their hot & cold wallets? And what about its additional functions? 

Mark:

We build a switcher (shown in the picture) that allows users to smoothly navigate between hot and cold wallets located at the top of the app. When using a cold wallet function users need a physical wallet to interact with a curtain blockchains, as it requires the physical confirmation every time you interact with smart contracts, dApps, or sending crypto. CoolWallet HOT, on the other hand, allows you to interact with web3 without having a hardware wallet.

Beincrypto: What measures are in place to safeguard user privacy and data when using the CoolWallet app?

Mark: 

Great question! It’s important to note that CoolBitX doesn’t collect any data from users. No login or KYC! CoolWallet is a decentralized wallet that allows users to securely store, manage and interact with web3 safely. Here are the security Basics in using a CoolWallet. 

1. Never share your recovery seed phrase with anyone. NEVER. 

2. Store the seed phrase offline and in a secure location. 

3.Be cautious of phishing attempts during setup; ensure you’re using official CoolWallet resources.

Beincrypto: We love this approach of CoolBitX!

Tell us about your CoolWallet Pro – this is exactly the wallet model we are giving away in September in our Telegram communities. What are its features and advantages over other cold wallets? 

Mark:

Sure, I would love to talk more about CoolWallet Pro! CoolWallet Pro is an advanced wallet for users who want to dive into the web3 world. It supports 27 chains and 12,000 coins, more chains are on the way! With CoolWallet you can stake coins, keep and trade NFTs. It allows you to interact with adapts securely. Our dedicated team integrates more functions and chains on the quarterly bases, please see your road map in the attached.

Beincrypto: This year Ledger found himself in disgrace because of its new seed phrase recovery feature and people have started to choose cold crypto wallets with even greater caution. Do you guarantee that the user’s private key information will not be exported from the wallet?

Mark:

Ledger’s recovery feature shocked everyone indeed. Like mentioned above, CoolWallet does not collect any data from users, and the private keys are securely stored in the offline chip EAL6+ on the hardware wallet and cannot leave the wallet, your signature belongs to you. It’s impossible for the private keys in CoolWallet to leave the chip. 

Beincrypto: Mark, were there any cases of hacking of your wallets?

Mark:

Great question! Unlike other hardware wallets, CoolWallet has 0 hacks!    

Beincrypto: The last question from me: Do you have any bonuses for our members?

Mark:

Of course! We do have promo code that your community can use! To activate the code, simple enter BEINCRYPTO on the checking out page. We are also happy to launch limited Co-Branded Cards with BIC and the CoolWallet cards look amazing with BIC design. CoolBitX just launched Web3 guardians competition where you can win $$$, for more information, please check here: https://www.coolwallet.io/web3-guardian-competition/

Beincrypto: Now let’s move on to questions from our community that we collected in advance!

1.
Experienced team is the most vital thing in building company growth, a project will not develop without being managed by an experienced team, whatever it is good. so, how about project? does your team have good experience in the cryptocurrency world? 

Mark:

At CoolBitX, we have a dedicated team of crypto specialists. It’s worth mentioning that we’re not only developing the Cold storage CoolWallet but also other blockchain products like Sygna Bridge.

2. Do coolbitx cold wallet users have access to round-the-clock customer service to address any difficulties or errors they may encounter at any given time of the day? If so, where can users turn to seek solutions and assistance in resolving the problems they face with their cold wallets? 

Mark:

At CoolBitX we have customer support service, our team will be happy to assist you any questions or concerns you may have. Please find our customer support email here: support @coolbitx.com or leave a message here:https://www.coolwallet.io/contact/

3. Is KYC verification mandatory before users would be able to create an account in CoolBitX?If yes, what necessary documents are required for this KYC verification and what transactions can users carry out without the kyc verification?

Mark:

You don’t have to create any accounts. As I mentioned earlier, CoolBitX doesn’t collect your data, and there’s no need for KYC. KYC might only be necessary if you decide to use third-party services. CoolWallet is a decentralized wallet.

4. What is the level of Bluetooth encryption? Does the cold wallet functionality of app works with/without the internet connection ?

Mark:

You can always check our SDK here and find more information related to technical questions :https://github.com/CoolBitX-Technology/coolwallet-sdk

5. What is the CoolWallet account recovery process if a user loses access to their wallet?

Mark:

If users misplace their wallet, they can always recover it by using their seed phrase with a new wallet. CoolWallet follows the standard BIP39 protocol for the seed phrase.

Beincrypto: Great! That’s it, guys!

Mark, thank you for your time today! 

Community, don’t miss the chance to win CoolWallet Pro by CoolBitX in our giveaway!

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