Crypto software company Blockchain said in a press release published on October 25, that they are launching a device that is exclusively compatible with its online wallets. They call their new device Lockbox: a hardware vault in your pocket. It has been built in partnership with hardware leader Ledger.
The device is already post-development with deliveries beginning in mid-November.
Blockchain CEO and co-founder Peter Smith explained:
“Lockbox is simple to use and is even more secure thanks to a locked endpoint that prevents phishing and spoofing attacks. It’s hardware made easy, with a setup that takes just a few moments thanks to our custom hardware-software integration.
With Lockbox, you’re able to check your balance and receive transactions, on mobile and web, without the inconvenience of having to plug your device in every time.”
Even though there are a number of hardware wallets on the market, Lockbox stands out because, in addition to storing funds offline like other devices, it will facilitate crypto-to-crypto trades through Swap, the company’s native brokerage, which is launching next week.
Ledger’s president Pascal Gauthier commented on Blockchain’s move to integrate its non-custodial software with a Ledger-developed hardware storage solution, saying that both firms are “hyper-focused” on security in the crypto space. He further remarked on the preponderance of “crypto hacking” headlines as a context for the firms’ mutual focus on developing more secure solutions.
The company, one of the first mainstream wallet providers, currently supports Bitcoin (BTC), Ether (ETH) and Bitcoin Cash (BCH). But Smith said that they will be more aggressive on adding assets in the next six months. He also added: “In the long run, I see our trading system being both a consumer and a provider to DEXs,” or decentralized exchanges, where traders retain custody throughout the process.”
Ledger is taking care of the manufacturing side of Lockbox, while Blockchain is focused on creating a holistic mobile and platform experience. They seek to reduce friction for traders who must generally use multiple exchange and wallet accounts and they are focused on researching security before connecting the devices.
“With our products, you can go from cold to hot (storage) in a heartbeat and the device will never reveal the key, so it means that it opens many avenues, especially for traders, and we believe our security systems and the types of devices that we have will be at the heart of this (DEX) industry.”
Image Credit: Blockchain.com