The crypto industry today is a place where cutting edge technology is shaping the world soon-to-be. A credit card-like device that has all the functions of your regular wallet but has the most advanced security options really sounds like stuff from the future. However, these devices are being produced and distributed today by Taiwan-based company, CoolBitX. A while ago, CoolBitX and ChangeHero teamed up to bring a cryptocurrency exchange option into their first-of-a-kind mobile hardware wallet, CoolWallet S.
Today we’d like to share with you an interview we got with the Executive Vice-President of Sales of CoolBitX, David Tsai. Read about the CoolBitX team’s plans, interesting facts about the CoolWallet S and his thoughts on the crypto industry and why he’s so optimistic about it.
ChangeHero: Hi, David! Thank you for being with us today.
David: Hello and thanks for having me!
ChangeHero: What brought you to the cryptocurrency industry, and how did you join the CoolBitX team?
David: After reading some material about how Bitcoin was created and how it could be used, I instantly became a fan. Shortly after, I saw the true potential of the blockchain industry and decided to jump right in. That’s how I landed at CoolBitX.
ChangeHero: How did the team come up with the idea of a hardware wallet that looks like a credit card?
David: From the start, we knew that we wanted to create something that was both new and familiar for crypto holders. We also knew that we wanted to create a wireless hardware wallet. The most popular hardware wallets at the time seemed to only come in that USB stick style. It would have been easy for us to create a wireless version of the popular USB style, however, we decided that we could take a step further and make it even more portable. The idea was to create a hardware wallet that you could take anywhere without the hassle of figuring out where to store it. Seeing as how the vast majority still carry wallets with their bank and credit cards with them at all times, we figured that making a hardware wallet that fits in with the rest of your cards would make the most sense. Thus, the CoolWallet was born.
Uniqueness and Security of CoolWallet S
ChangeHero: What’s so cool about CoolWallet S? What makes it unique?
David: Other than the fact that it’s completely wireless and incredibly portable, the CoolWallet S combines the convenience of a hot wallet with the security of a hardware wallet. You get the best of both worlds. When paired together with the CoolBitX Crypto app, you can trade, purchase and, of course, exchange crypto with ease. BitPay support has also been added to allow for crypto transactions at places that support it.
ChangeHero: Can we rely on Bluetooth? Does it ensure that CoolWallet S cannot be hacked?
David: You can absolutely rely on Bluetooth. Think of it this way: Bluetooth acts only as the bridge between your CoolWallet S and your smartphone. While the bridge itself is a fully encrypted 1 to 1 connection, the security gates at each end of the bridge that allow who can successfully go in and out are also very secure. On the CoolWallet S side, the Secure Element (SE) chip is third-party verified and ensures military grade protection of your private keys. Any attempted break in or tampering of the hardware will result in its self-destruction. On the smartphone side, almost all Android and iOS devices require a biometric verification for login, whether it be face or fingerprint. The app can also be set up with a password for an extra layer of security. Finally, each transaction requires both authentication from the app and a physical button press on the wallet itself to be completed.
ChangeHero: Do you think that in 2020 it is easy and secure for a user to store cryptocurrency or are we far away from achieving this?
David: Thanks to the growing popularity of online crypto exchanges and the convenience of their smartphone apps, storing cryptocurrency is more convenient and easier than ever. While it does seem a lot of people still keep their assets on a cryptocurrency exchange (for convenience sake), our goal is to make the transfer of crypto into cold storage easier and more affordable. The growing popularity of cryptocurrency also means that hacks and scams are more commonplace, unfortunately, so the most secure way to store crypto is still in cold storage.
ChangeHero: Will there be a day where we can see people use cryptocurrency in everyday life? How are you contributing to this mass adoption dream?
David: That day is already here! With many Bitcoin payment services already available, the dream of paying with cryptocurrency out in the real world is becoming a reality. One of these services, Bitpay, is now fully integrated within CoolWallet S. This allows our customers to pay with the crypto stored in their CoolWallet at businesses who accept Bitpay.
CoolWallet S Strengths
ChangeHero: Can you give us some statistics about CoolWallet S? Where does your stronghold lie? What is the most promising market and why?
David: Currently, there is somewhere around 200,000 units of CoolWallet S in the hands of people all over the world.
Our most promising market right now would be Japan. They really love the design and the convenience of CoolWallet S.
ChangeHero: How do you compete with other hardware wallets like Trezor and Ledger? What is your strategy?
David: Down to its core, a hardware wallet’s basic function is basically the same across all of the major brands: providing a secure way to keep your crypto offline. What differentiates them are the unique functions and more importantly, the level of security they can provide to their customers. Our strategy is to offer a solution for those who are looking for the security of a hardware wallet with the convenience and portability of a software wallet.
ChangeHero: How do you handle the FUD? Did you face any challenges in overcoming such situations?
David: I never really had any issue with FUD because I strongly believe in the future and potential of BTC. You got to believe!
ChangeHero: Regarding the COVID-19, how did it impact the team and your workflow? Also, do you think it affected the crypto industry as a whole?
David: I think that maybe COVID-19 has encouraged more people to look into more non-traditional forms of investment as a result of these economically unstable times. We’ve definitely noticed that BTC has more or less stabilized in recent months which does indicate some maturity. Regarding my team and our workflow though, we definitely miss going to trade shows and meeting all of those in the community. We have had the opportunity to attend some virtual conferences which were great, however, I much prefer face to face meetings.
ChangeHero: Okay, time for the rapid round. You can either pick one from the options or answer in a couple of words.
Bitcoin or Ethereum? BTC all the way.
Are you a hustler or HODLer? HODL
Vitalik Buterin or Charlie Lee or Justin Sun?Vitalik
Proof-of-Stake or Proof-of-Keys? Proof-of-Stake
Have you ever used Trezor or Ledger? Nope! CoolWallet S has been and always will be my go-to.
Collaboration and Plans
ChangeHero: We are happy that ChangeHero’s cryptocurrency exchange option is integrated into CoolWallet S. How would this help your users?
David: We’re super happy about it too! Having the ability to do a crypto-to-crypto exchange within our app while using their CoolWallet S to sign for the transactions makes things more convenient for our users. It’s a win-win for everyone!
ChangeHero: How do you expect the crypto wallets to evolve in the future? Which features do you think are the most awaited by your customers?
David: We’re always adding to features and partnerships to keep the CoolWallet S as current as can be. We’ve conducted some polls on Twitter to see what people are looking for and some of those answers include more extensive coin support and even more layers of security (like a fingerprint sensor on the wallet itself). Our engineers are always looking for ways to improve the CoolWallet so any other suggestions are greatly appreciated!
ChangeHero: What are the future plans for CooBitX? Can we expect a new version in the future?
David: Our plan is to continue innovating and adding new features to our CoolWallet and Sygna product lines. As for a new version of CoolWallet? Well, that’s under wraps at the moment, however, rest assured that we do have some exciting things planned for its future.
ChangeHero: Any closing remarks to the crypto enthusiasts out there?
David: Keep the faith!
ChangeHero: When Lambo?
We definitely had fun with this interview and hope you find it insightful too! We can’t recommend CoolWallet S enough for its convenience, security and awesome tech. And, obviously, for the reason that you can exchange crypto with ChangeHero on the go while being sure your assets are safe.
As usual, let us know how you liked the content and if you would like to see more of it in the future, in the comments to our blog or in ChangeHero’s social media pages and groups: Twitter, Facebook, Reddit or Telegram.