Austria’s passport producer YOUNIQX Identity AG, announced earlier today that it had launched a crypto hardware wallet solution which is now known under the name ChainLock Card. More about this project we read in the altcoin news below.
The company cited research into exchange fraud or hot wallet vulnerabilities and says that these are the reasons for developing the product. YOUNIQX claims that the company developed a forgery-proof solution for storing Bitcoin and other cryptocurrencies offline. The parent company OeSD or the Oesterreicheishce Staatdruckerei is a high-level security company that specializes in ID documents like personal IDs and the Austrian passport. The company also uses similar features in the manufacture of this card. For example, the UV prints, security kiss cuts, and the color gradients are all featured into the implementation. The ChainLock Card is also water-proof and heat-resistant.
The citizens of Austria are not really fond of debit and credit cards but fortunately, there are some money other uses in Europe and worldwide as well. This move will allow for Austria’s passport producer to take advantage of the consumers that are familiar with the card-based systems. The French wallet Ledger now has a sizeable lead in wallet adoption mainly because of its USD-style hardware wallets. Chainlock’s private key will be sealed on the back of the card which will only be revealed to the user according to the press release.
The key creation process is awaiting for the patent application so it is still unknown whether the company will prevent employees or fraudsters from gaining access to user funds. YOUNIQX also claims that the product will be 100% offline wallet and cannot be hacked via the internet, WIFI or NFC. The Chainlock card is now available across the world via Coinfinity or via the Tokenize Exchange in Singapore. The cards are available in Ethereum and Bitcoin options for now starting from $59.99. As explained in the latest cryptocurrency news, Chainlock created a solution for the HODL’ers so now the users can make transactions by removing the seal and revealing the private key. In order to use it, you will also need to pair with the official app and scan a QR code.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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