It is no secret that the cryptocurrency industry has seen its fair share of hacks. In fact, just last week the South Korean exchange Bithumb was a victim of a hack that stole $31 million USD in cryptos. While the company has managed to get $17 million USD of the money back and halve its losses, it is clear how prone to attacks the industry is.
This is why ARCHOS, a French multinational company that works with electronics, has recently announced a new solution for the cryptocurrency community: ARCHOS Safe-T Mini, a hardware wallet that was completely designed to prevent hacking attacks.
The new wallet is available for pre-order starting today. You can pre-order the product on Amazon and it will start to be shipped on July 17. The price is $59.99 USD (or 49.99 GBP or EUR). The company will also receive payments in Bitcoin in case you want to pre-order the ARCHOS Safe-T Mini on the site.
How Does The ARCHOS Safe-T Mini Work?
This new hardware wallet has cold storage and combines a high level of security with a simple user interface. According to information unveiled during the Mobile World Congress In Barcelona, the user will be able to receive and send payments using the device while being able to isolate its keys offline to protect its assets.
Users will have the opportunity to recover their coins by using a 24-word recovery seed key in case they lose their device and they may be able to make all their transactions offline for more security.
Other important features that were unveiled at the conference were that all of the transactions would have to be validated via physical hardware buttons on the device, you can always check details on the screen and only the owner of the Safe-T Mini can use because it requires the PIN code and a seed key to use it.
ARCHOS Safe-T Mini is developed based on the open source software that was created by Trezor for its hardware wallets. The company has used its own experts to optimize the idea and create its own product, though.
This device will support over 75 cryptos, focusing on the most important ones in the market. Some of the supported tokens are Bitcoin, Bitcoin Cash, Ethereum, Bitcoin Gold, Litecoin, Dash and ERC20-based tokens. The company has also promised to support more tokens in the near future.
The ARCHOS Safe-T Mini Verdict
While we still do not have the actual hardware to analyse and draw final conclusions, we have to say that ARCHOS Safe-T Mini looks good. While not necessarily a must if you already have a Trezor wallet, this product can be good for people who are looking for a cheap alternative to have a hardware wallet that really protects the user from the hackers.