CoolWallet | ChangeHero

Table of Contents

1. About CoolWallet
2. Edge Wallet Pros and Cons
3. Final Verdict
4. FAQ

About CoolWallet

If you are looking for some serious security for storing the cryptocurrency, a hardware wallet is the optimal choice. CoolWallet is a multi-currency hardware wallet developed by CoolBitX. CoolWallet intelligently combines both hot and cold storage and delivers the best of both worlds. The company states that it is on a mission to provide a blockchain tool that allows everybody to participate in crypto trading in a safe environment.The first version of CoolWallet was started as an IndieGoGo project in 2015. After the success of the initial edition, it garnered the attention of the crypto community which resulted in the investments in the company. In 2018, the company released their upgraded version named “Cool Wallet S” with the robust security. Unlike other hardware wallets, CoolWallet is portable and can be connected via Bluetooth to the computing devices.

Edge Wallet Pros and Cons

Pros

Compatible with smartphones
Users can to store, send, receive, track and manage cryptocurrencies through this wallet. The wallet can be connected to the CoolBitX Crypto App in the user’s smartphone via Bluetooth. The Android app is designed with a minimalistic touch and simplicity.
Uncompromising security
Anonymity is guaranteed by the CoolWallet as all the private keys remain in the cold wallet and never connect to the Internet. Transactions are recorded on the blockchain under the wallet address and cannot be traced back to the identity of the user. Also, CoolWallet doesn’t collect any personal information like email-id while setting up the wallet.
Additional features
The companion app features an in-app exchange service to swap cryptocurrencies instantly in the wallet. CoolWallet is well-known for its concrete security features. A password is required to access the wallet and during the initial set up, users are prompted to configure a seed which can be 12, 18 or 24-word phrase. This seed can be used to restore the wallet along with the funds in case of a loss of the device. The physical wallet features 2+1 factor authentication to transfer the funds, this includes biometric and physical 2FA checks to ensure the security of the assets. The Bluetooth communication used is a military graded AES-256 encryption, which is considered the best practice for data encryption.

Cons

Extra expense
The CoolWallet S price starts at $99 USD.
Currency selection
CoolWallet has extended the range of supported currencies by a lot since the days of only having Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash and ERC20 tokens. Nevertheless, plenty of popular altcoins are missing from the list.

Final Verdict

CoolWallet offers a user-friendly solution to cryptocurrency managing and storage. It delivers on its promise of making crypto available for everybody. CoolWallet resolves the portability issue of the traditional hardware wallets making it possible for everyday use.

Category	Rating
Security	80/100
User-Friendliness	50/100
Popularity	50/100
Supported Coins	60/100

FAQ

Is CoolWallet safe?

As a hardware crypto wallet, CoolWallet offers top-notch security for private keys. It provides an extra layer of security with 2+1 factor authentication and encrypted Bluetooth connection.

Is CoolWallet a cold wallet?

Yes, CoolWallet is a cold (offline) hardware multi-currency crypto wallet. Despite it being able to connect wirelessly to a smartphone, it does not expose private keys.

What platforms can use CoolWallet App?

The companion app for the CoolWallet devices is available only on smartphones, as an iOS or Android app.