The famous luxury watchmaker has launched the first in the world Bitcoin watch that comes with a cold wallet.
This week Franck Muller, the renowned Swiss luxury watchmaker, has announced the launch of Encrypto, a pioneer Bitcoin watch that comes with deep cold storage. The timepiece was designed in partnership with crypto investment company Regal Assets and is described in the press release as ‘the world’s first functional Bitcoin watch.’
Bitcoin Watch: Cold Storage & Timepiece
In appearance, the Bitcoin watch dial is designed using Bitcoin’s logo and a QR code of Satoshi’s Genesis Block address. Its key innovative functionality is the possibility of cold storage of Bitcoin.
Encrypto comes as a two-piece “Deep Cold Storage” set. With the Bitcoin watch, its owner gets a sealed USB stick containing the private key to his wallet, while the unique public wallet address is laser-etched on the dial, in a polished frame. Users can deposit Bitcoins or check the balance right through the QR code on their watch dial. The wallet uses “offline generated, non-deterministic TRNGs (True Random Numbers Generated) that cannot be hacked,” the release claims.
The Bitcoin watch is already available online and at Franck Muller’s Dubai Mall store. Along with fiat, the payment can be also accepted in Bitcoins. Encrypto is a limited-edition series, with a maximum of 500 units of each version available, the company notifies. The price will range from $10,000 to $60,000, with some models including precious metals and diamonds.
Erol Baliyan, the regional director of Franck Muller, also said that the company is planning to further develop new models of cryptocurrency watches. Specifically, it’s now considering ‘Ethereum and the top five coins, including Ripple’.
Useful Things Supporting Crypto
Perhaps, given the luxury segment and the Encrypto’s price, it’s not a story of cryptocurrencies going mainstream. Nevertheless, the development of the Bitcoin watch cannot be ignored as it represents quite an interesting initiative. According to widespread belief, crypto mass adoption mostly means accepting payments in digital currencies. However, the Swiss watchmaker has chosen a totally different strategy. It merged digital assets with wearables and offered the crypto community something material for real-life applications.
It’s worth mentioning that in January another Swiss watchmaker A. Favre & Fils also shared its plans to develop a model of the mechanical watch with a secure built-in cold crypto wallet. However, it set an even higher price, up to $150,000.
Do you believe that designing more products like the Bitcoin watch for practical purposes might help promote crypto mass adoption? Let us know your thoughts in the comments below!
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