Connect with us

Blockchain

Foundation Devices Enters The Sovereign Hardware Game With Passport Bitcoin Wallet

Avatar

Published

on

A new hardware provider is entering the Bitcoin fray with the launch of a cold storage wallet and some ambitious plans to serve Bitcoiners with a full stack of sovereignty tools.

The Boston-based Foundation Devices announced today its new Passport hardware wallet, an air-gapped device that sports a camera for scanning QR codes, a physical keypad, open-source software and a screen with circuitry etched into the glass — all in the name of creating the most secure solution on the market that is also easy for newbies to use.

“Hardware wallets are the most established consumer hardware market in the Bitcoin space, with an assortment of companies competing for market share,” Zach Herbert, the CEO of Foundation Devices, told Bitcoin Magazine. “But in our opinion, none of these incumbents have made a product that, one: strikes the right balance between security and design and, two: makes it easy for new Bitcoiners to self-custody their coins.”

On the security front, perhaps the most notable feature is the Passport’s complete lack of USB or wireless communication, minimizing the attack vectors through which malicious actors might try and access the device. The only ways that data breaches the wallet is through its built-in camera or via a microSD card. This puts the Passport in the same league as the Cobo Vault, which is also air gapped.

On the usability front, the Passport does not ask users to maintain a 12- or 24-word recovery seed in case they need to recover their wallet. Foundation instead stores the recovery seed on a microSD card and encrypts this with a password. This means that users can more easily recover their bitcoin, by simply inserting the card and entering the password, but that this recovery is still relatively secure, as an attacker would need to access both the card and the password to steal funds. Foundation Devices includes two microSD cards with every wallet.

“We believe that the recovery seed is a challenging concept for new Bitcoiners and also represents a significant attack vector — no matter how secure a user’s hardware wallet, if an attacker finds the recovery seed, then it is game over,” Herbert explained. “We feel strongly that this will enable a better user experience and reduce user error.”

But Foundation Devices doesn’t want to stop at offering an intuitive and secure hardware wallet. Herbert envisions the company as a full stack provider for those who hope to achieve sovereignty through technology that protects their privacy. He said that he hopes to add phones and computers to its roster by the end of this decade, but will be focusing on more Bitcoin-specific hardware next.

“Our next product will be a Bitcoin full node that’s elegant, easy to use and more functional than existing offerings,” he said. “We are also interested in open-source security chips and meshnet hardware.”

As it continues down this path toward a suite of hardware offerings, the Foundation Devices team emphasizes its domestic manufacturing. Not only does this mean the company can maintain tighter control over its supply chain, but this makes it fairly unique in the hardware wallet space and Herbert pointed out that users may leverage that fact to gain a new level of multisig security.

“Multisig users may want to protect against supply chain risk by purchasing hardware wallets made in different geographic locations,” he said. “For example, a Coldcard made in Canada, a Trezor made in Europe and a Passport made in the U.S.A. could make for a more secure multisig setup.”

Foundation Devices is offering the first 1,000 unit run of Passport wallets for reserve on its website. It expects to launch the device for preorder in August and to ship them by the upcoming holiday season.

Source: https://bitcoinmagazine.com/articles/foundation-devices-enters-the-sovereign-hardware-game-with-passport-bitcoin-wallet?utm_source=rss&utm_medium=rss&utm_campaign=foundation-devices-enters-the-sovereign-hardware-game-with-passport-bitcoin-wallet

Blockchain

Eyeing EU Banks, Hex Trust Teams With SIA on Crypto Custody

A multinational payments firm is partnering with cryptocurrency custodian Hex Trust to help its European banking clients hold digital assets.

Avatar

Published

on

Multinational payments firm Sia is partnering with cryptocurrency custodian Hex Trust to help its European banking clients hold digital assets.

“When you have one bitcoin, it’s not a big problem, but when you start adding 10, 20 or 100, you have a treasury and you have to decide where to store this,” said Daniele Savarè, SIA’s innovation and business solutions director. “We are discussing digital custody needs with banks in Europe.” 

The firm is also helping banks manage and safekeep security tokens and central bank digital currencies, he added.

Through SIA, Hex Trust plans to offer European banks the software to custody digital assets on behalf of their customers. Hex Trust will also act as a sub-custodian for banks that don’t want to directly offer the service, said Hex Trust CEO Alessio Quaglini. 

Currently, Hex Trust works with three banks – Mason Privatbank Liechtenstein AG and two unnamed Asian banks. Quaglini said Hex Trust has 10 other banks that are exploring the custodian’s products.

Going forward, SIA will be the primary distribution partner for Hex Trust to offer digital-asset services to banks in Europe, Quaglini said. 

Source: https://www.coindesk.com/hex-trust-sia-crypto-custody-eu-banks

Continue Reading

Blockchain

Collider Labs Raises $1M to Invest in Blockchain Startups

The venture builder is seeking to invest in early-stage startups with a focus on transparency, privacy and “fairness.”

Avatar

Published

on

Collider Labs has raised $1 million to be invested in early-stage blockchain and cryptocurrency startups.

In an announcement Thursday, the venture builder said the raise had brought on board several notable limited partners including Efficient Frontier CTO Alon Elmaliah and Follow [the] Seed Founding Partner Andrey Shirben.

Collider provides funding and liquidity and actively participates in building up startups alongside their communities and founders, according to the firm’s founding partner, Avishay Ovadia.

The company is actively seeking to invest in early-stage blockchain and crypto startups globally, with a focus transparency, privacy and “fairness.”

Collider “is a venture builder that somewhat resembles an accelerator” Ovadia said. With some “key characteristics” that differentiate it from a typical accelerator.

Venture builders, also known as startup studios, pair with early-stage startups and utilize their own ideas and resources to, if all goes according to plan, construct viable enterprises.

According to Ovadia, Collider forms partnerships with founders, invests in teams and works alongside them as what he calls “Investors in Residence.”

Source: https://www.coindesk.com/collider-labs-raises-1m-to-invest-in-blockchain-startups

Continue Reading

Blockchain

Voyager Agrees to Buy LGO Markets and Merge 2 Firms’ Tokens

Two cryptocurrency trading firms are merging, and in a rare twist, so are their tokens.

Avatar

Published

on

Two cryptocurrency trading firms are merging, and in a rare twist, so are their tokens.

Voyager Digital, a publicly traded digital asset brokerage with offices in New York, has agreed to buy LGO, a French crypto exchange primarily serving institutional investors, as the company expands to Europe.

The transaction requires regulatory approval, which the parties said they expect to receive by the end of this year, along with the token swap. The value of the deal will depend on the value of Voyager’s shares, and the firms’ tokens, at closing; at current prices, it would be in the low seven figures.

As such, this deal is dwarfed by this year’s blockbuster crypto M&A deals such as Binance’s acquisition of CoinMarketCap, estimated to be worth $400 million, and FTX’s $150 million deal to acquire Blockfolio.

Read More: ‘They Have the Users’: Binance CEO Explains Why He Bought CoinMarketCap

What makes this deal unusual is that the two companies’ utility tokens, VGX and LGO, will be swapped into newly minted tokens featuring decentralized finance (DeFi) functions such as community governance and staking at an initial interest rate of 7%.

“We think this is really taking the old-school mergers and acquisitions to the token world, which hasn’t been done before,” Steve Enrlich, Voyager’s co-founder and chief executive officer, told CoinDesk.

Upon completion, Voyager, which is publicly listed on the Canadian Securities Exchange, will issue one million shares for the acquisition and operate in the European retail market with LGO’s Virtual Asset Service Provider registration with the French Financial Markets regulator (AMF). All activities will be conducted under the Voyager brand and LGO will discontinue its institutional services on Oct. 31. Shares of Voyager closed at C$0.67 ($0.51) on Wednesday. 

Read More: Voyager to Pay Interest on DeFi Tokens to Gain Brokerage Clients

Hugo Renaudin, co-founder and chief executive officer of LGO, told CoinDesk that the French company made the deal after it decided to shift its focus from institutional clients to increasing value for its token holders.

“The key decision-maker is what will bring the most value to our tokens,” Renaudin said. “So we have this token. We have token holders and they’re mostly retail [clients].”

LGO launched an initial coin offering (ICO) in February 2018, according to its website, which raised 3,600 bitcoin (worth about $36 million at the time). The company’s white paper shows that 60% of the tokens were distributed through a pre-sale process, while 20% of the supply went to LGO’s founders and advisors.

At its peak in April 2018, the LGO token’s market cap was nearly $40 million, according to data from CoinMarketCap. On Wednesday, that value was calculated to be $1.5 million. 

Renaudin told CoinDesk that the company’s other option would have been focusing on better serving its institutional clients, which means its spot exchange would have to provide new and exotic derivatives products. After consideration, he said that the team had decided to change its focus to retail customers instead.

The merger comes during a time of regulatory crackdown on crypto derivatives trading around the globe. Popular crypto derivatives exchange BitMEX was charged by the U.S. Commodity Futures Trading Commission (CFTC) with facilitating unregistered trading activities, while in the UK, the Financial Conduct Authority (FCA) has banned crypto derivatives for retail consumers.

This is not the first acquisition by Voyager, which went public in early 2019 in a reverse merger with the shell of a Canadian mineral exploration company. Previously, it acquired wallet startup Ethos.io for about $4 million.

Read More: Voyager CEO Says Revenue Growth Accelerates 8-Fold as DeFi Trading Surges

Voyage’s revenue in the most-recent fiscal quarter, which ended Sept. 30, surged to about $2 million, compared with $1.1 million during the fiscal year ending in June.

“We are becoming the financial service firm of the future, which means I will look at acquisitions that can add products, customer assets to the platform, or tokens and other communities that can be accretive to what we are trying to do,” Enrlich said. “And adding these pieces together we are going to either do it organically or through more acquisitions.”

Disclosure

Source: https://www.coindesk.com/voyager-acquires-lgo-token-merger

Continue Reading
Energy26 mins ago

Dorian LPG Ltd Provides Update for the Second Quarter 2021 and Announces Second Quarter 2021 Earnings and Conference Call Date

Energy27 mins ago

SK Innovation Declares Ambition to ‘Lead the Efforts for Battery Safety, Charging Speed and Driving Range’ at InterBattery 2020

Energy27 mins ago

Canada Nickel Makes Third New Discovery at Crawford Nickel-Cobalt Sulphide Project

Energy30 mins ago

AEP Reports Strong Third-Quarter 2020 Earnings

Blockchain3 hours ago

Eyeing EU Banks, Hex Trust Teams With SIA on Crypto Custody

Blockchain4 hours ago

Collider Labs Raises $1M to Invest in Blockchain Startups

Blockchain5 hours ago

Voyager Agrees to Buy LGO Markets and Merge 2 Firms’ Tokens

Cyber Security11 hours ago

Business Enablement By Way Of The BISO

Ecommerce11 hours ago

LaserShip Announces Its Time Of Need Philanthropic Program

Esports14 hours ago

cogu joins MIBR as manager and coach

Energy14 hours ago

Strategic Resources Files Mustavaara Technical Report

Energy14 hours ago

Ur-Energy Announces Extension of State Bond Loan and Provides Update

Energy14 hours ago

Pettit Marine Paint Develops the Most Effective Anti-fouling Paint to Hit the Market in Many Years – ODYSSEY® TRITON

Energy14 hours ago

Core Lab Reports Third Quarter 2020 Results From Continuing Operations:

Blockchain14 hours ago

Pelosi, Kudlow Signal Market-Moving US Stimulus May Wait Till After Election: Report

Energy14 hours ago

A Difference-Making Disinfectant

Blockchain15 hours ago

Market Wrap: PayPal Powers Bitcoin Past $12.8K as Ether Dominance Drops

Automotive15 hours ago

How Car Tires Are Manufactured

Medical Devices15 hours ago

5 Real World Applications of the Doppler Effect

Big Data16 hours ago

Join Hands with Instagram’s New Algorithm to Boost Your Business’s User Engagement

Blockchain16 hours ago

What the History of Headphones Says About the Internet’s Future

Blockchain17 hours ago

Villanova University to Send Private Ethereum Blockchain Into Space to Test Inter-Satellite Communication

Blockchain17 hours ago

Baby Steps or Handcuffs? Crypto Pros Assess PayPal’s Bitcoin Play

Energy17 hours ago

BioMicrobics Acclaimed by Frost & Sullivan for Its Continuous Innovation-led Growth in the Water and Wastewater Treatment Market

Blockchain18 hours ago

Crypto Options Exchange Deribit to Require ID Verification for All Users by Year End: Report

Energy18 hours ago

SME Education Foundation Seeks Industry Involvement for Unadilla Valley High School Initiative to Create STEM Opportunities for Students

Energy18 hours ago

Verisem Acquires State-of-the-Art Vegetable Seed Processing Facility, Further Enhancing Capabilities

Energy18 hours ago

Global Synthetic and Bio Based Polypropylene Market 2020-2026 Growing Demand in the Automotive Industries

AR/VR18 hours ago

AI-Driven Dynamic Filmmaking is the Future

Energy19 hours ago

Growing Concerns around Global Warming Are Set to Drive Hypercar Market Forward: TMR

AR/VR20 hours ago

Angry Birds VR and Acron: Attack of the Squirrels Gear up for Halloween

Crowdfunding20 hours ago

This Is a $103 Billion Profit Opportunity

Energy21 hours ago

Power Plant Boiler Market by Type, Capacity, Technology, Fuel Type, and Region – Global Forecast to 2025

Energy21 hours ago

Rising Phoenix Royalties Announces Second Yoakum County, Permian Basin, Oil and Natural Gas Royalty Acquisition

Energy21 hours ago

Chem-Dry Grows Amid Pandemic with Signed Agreements to Open 64 New Franchises Across the Nation

Energy21 hours ago

Key Trends and Recent Innovations in Powder Bed Fusion, IDTechEx Identifies

Blockchain News21 hours ago

Bitcoin Breaks $12K Resistance and Aims for $14K as BTC Rallies Higher in the Expense of Altcoins

Energy21 hours ago

Pasternack Now Offers a Broad Selection of Field Replaceable Connectors Available for Same-Day Shipment

AR/VR22 hours ago

Star Wars: Tales from the Galaxy’s Edge Gameplay Trailer Drops With November Date for Oculus Quest

Blockchain22 hours ago

Central Banks Are Getting a Prototype of CBDC

Trending