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Austrian firm releases ‘Cold Wallet’ to prevent crypto theft


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.

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