Austrian State Printing House YOUNIQX Identity To Launch Its Own Cold Crypto Wallet
A subsidiary of the Austrian State Printing House called Youniqx Identity AG has recently started a new crypto project. The project is a hardware crypto wallet which is set to be used for cold storage. According to the press release, the new hardware will be called Chainlock and it will be focused on letting the user generating its own private key and storing the crypto.
The product is shaped like a credit card made of plastic and it will also be resistant to water and heat, something pretty important when you consider that people will lose a lot of money if their device was broken.
Initially, people will be able to acquire this wallet from some of the company’s partners such as Coinfinity and Tokenize Exchange. While the first one will be focused on offering the product in Central Europe, the Tokenize Exchange will offer it in Singapore.
The goal of the new device is to be able to address most of the issues that plague the so-called hot wallets by offering the clients the option to store their funds outside of the internet. This way, they are harder to be hacked as the service is 100% offline most of the time.
According to the company, the wallet can be managed via an app but its keys cannot be accessed via the internet or wi-fi, which works as additional protection for the users.
It was also affirmed that the Austrian State Printing House is specialized in identity documents, which may be hinting that the entity will start using the blockchain technology in the future. Initially, the company was considerably paper-focused, but it has been moving to more high-tech identity solutions later and the blockchain is the obvious choice.