The new feature is an industry first that enables complete ERC20 portfolio management anywhere, any time while keeping the tokens secure in cold storage.
Previously, ERC20 Token storage options were limited, and users risked losing their investments to hacks. Over $11 million in ERC20 Tokens was stolen in the recent Bancor hack alone. Software wallets and exchanges are notoriously insecure, and competing hardware wallets only allow users to manage their array of ERC20 Tokens via third-parties, which require additional logins and vulnerability windows for hacks and theft, creating a major barrier to mass adoption. No one would consent to wrangle two different apps and sharing their PIN with multiple parties to manage their normal checking account. How could that be expected of crypto holders, and how could the mass market adopt such a system?
Now, ERC20 Token holders finally have a secure option to store their assets safely and conveniently using the CoolWallet S, which is well-recognized for its mobility and user-friendly UX/UI design. Users can now manage all of their crypto investments directly through the native CoolBitX app on both iOS and Android devices. This is critical for investors who hold a range of ERC20 Token types who can now store and manage them all in one secure place.
“At CoolBitX, we always prioritize ease of use and security when it comes to crypto custody,” said Michael Ou, Founder and CEO of CoolBitX. “We are the first hardware wallet that allows users to add any ERC20 Tokens to our native app. This function provides CoolWallet S users access to the security of a hardware wallet for their investments, as well as the ability to buy and sell these tokens conveniently with our decentralized exchange partner, Joyso.”
Sleek and the size of a credit card, the CoolWallet S has many unique features, including:
- Damage-proof design: Waterproof, heat and cold resistant, and tamper-proof
- EAL5+ certified Secure Element microchip
- 2+1 factor authentication security
- Secure cold storage and bluetooth connectivity
- E-ink display
- Physical confirmation button
- Over-the-air updates
- Native iOS and Android app
- Support of major cryptocurrencies: Bitcoin, Litecoin, Ethereum, XRP, Bitcoin Cash, and now all ERC20 Tokens (a few specific ERC20 Tokens were previously supported)
The new complete support of ERC20 Tokens and the recent price change to $99 are direct responses to user feedback and further strengthen CoolBitX’s mission to be the pioneer in the blockchain space to achieve mass adoption of cryptocurrencies.
CoolBitX, founded in 2014 by Michael Ou, is a FinTech and blockchain security company specializing in manufacturing secure, US-patented digital asset hardware and developing smart contract platforms for millions of users. Backed by $13 million in funding from investors like SBI Holdings and Bitmain, CoolBitX believes the faster decentralized blockchain technology achieves mass adoption and allows people to stop relying on unsecured centralized institutions, the better.