Luxury Swiss Watch Maker A. Favre & Fils to Build Latest Timepiece to Include Crypto Cold Wallet Storage
The ability to keep time, independent of nature, was a major impetus towards the age of empires. While it was the Germans who are credited with making the early mechanical contraptions, it was the Swiss who perfected it. And now a luxury Swiss brand has decided to build a watch with a crypto wallet in it.
A. Favre & Fils is a Geneva-based company that was founded by Laurent Favre, who traces his family to master watchmakers going back more than 300 years. The company is known to build high-end timepieces, made of gold and usually costing around the $100,000.
With blockchain gaining traction and more and more people getting into cryptos, the company is looking at offering something unique. Last week, it was announced that the company was working on a watch that doubled down as a crypto cold wallet, with a proprietary security solution using blockchain. With thousands of cryptos available now, their security is fast becoming of paramount importance. A cryptocurrency wallet is a secure way to store public and private keys and to send or receive cryptocurrencies.
Discussing the details of their latest offering, Favre explained,
“We have developed this first timepiece with the idea of offering something useful for the crypto-community, not simply something to spend their money on.” The watch is set to be the first such blend of watches with crypto security. The horologist also noted that the first watch is expected to be released sometime in Q2 of this year and will “guarantee ultimate in-data security and privacy protection.”
Explaining the inspiration for this idea Favre stated,
“You have to keep adding relevant features that advance the design. It’s a bit like figuring out the future of steam engines in the age of electric trains.”
Such innovations make technology more visible. With prices stabilizing, it gives the end user options to secure their assets, something that is undoubtedly good for the entire industry.