Copy link
Increase text size
Decrease text size
Link copied

Austrian firm releases ‘Cold Wallet’ to prevent crypto theft

Cryptocurrency.sulayman360/Pixabay

Tue, 30 Jul 2019, 05:42 am UTC

Stolen crypto coins have been causing a lot of issues in the industry of late but by storing these coins offline, it can be much easier to avoid such incidents.

On these lines, YOUNIQX Identity AG, a subsidiary of the Austrian State Printing House (OeSD), has developed a cold wallet solution called “Chainlock."

In a press release providing details with regards to what this cold wallet, it was noted that up to $1.2 billion worth of crypto coins were stolen in the first three months of this year alone. Hot or online wallets are a great security risk as the private keys are stored at exchanges or connected to the internet in another way.

It said that Chainlock is "a highly secure and forgery-proof cold wallet solution" that "enables secure offline storage of digital currencies such as bitcoins. The cryptographic key is only known to the user where necessary."

“This highly secure solution has been met with great enthusiasm at the relevant trading platforms. What is more, Chainlock is also the perfect token container for STOs pursuing a retail strategy," the release said.

It was also emphasized that the product will be completely offline. As a result, “unauthorised access to the private key via internet, WiFi, NFC, CryptoLocker, private-key scammers, etc. can be ruled out entirely.”

OeSD further said that the product has effective counterfeiting protection meaning that nobody can secretly read the private key. The key generation is done in a high-security zone, ensuring that nobody can view the key pair - not even YOUNIQX.

OeSD is a full-service provider of ID and e-government solutions. As such, it develops, implements and offers personalisation solutions for identity documents such as the highly secure Austrian passport.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $12,912.50 (-1.62%)
  • Ethereum (ETH) $408.96 (-2.07%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $269.66 (+0.03%)
  • Chainlink (LINK) $12.06 (-1.50%)
  • Bitcoin (BTC) $12,912.50 (-1.62%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft