Key Points
- Trezor has launched three new products including the Safe 5 hardware wallet and a bitcoin-only version.
- The company also introduced the "Trezor Expert" onboarding service.
Trezor, a renowned crypto hardware wallet manufacturer, recently announced the release of three innovative products at BTC Prague 2024. These products are aimed at promoting self-custody of digital assets. The products include the Trezor Safe 5 hardware wallet, a bitcoin-only version, and the "Trezor Expert" onboarding service.
New Products
The company stated that the new device would provide users with a secure platform to store, manage, stake, and utilize thousands of cryptocurrencies via the Trezor Suite desktop and mobile app. The device boasts a larger color touchscreen with haptic feedback and a new secure element designed to protect sensitive information and perform cryptographic operations. It also features an improved 20-word backup process.
Trezor devices, unlike those from competing manufacturer Ledger, are open-source. This means they are community-based and audited, allowing for faster detection and rectification of vulnerabilities. However, this could also make the devices more susceptible to hacking if stolen. The Trezor Safe 5 secure element, however, has an EAL 6+ certification, indicating that the chip has undergone extensive testing and can resist sophisticated attacks.
The new backup process allows users to upgrade from a standard single-share backup to a more advanced multi-share backup. This is designed to enhance security by eliminating a single point of failure. The backup is created using Shamir's secret sharing to divide the master secret key into multiple unique shares. Users have the flexibility to determine how many unique shares the advanced backup consists of and how many are needed to restore the wallet. This means that even if some shares are lost, users can still access their cryptocurrency.
Additional Features
To safeguard wallet backup phrases from fire, water, and physical damage, Trezor will also offer a 20-word version of its Trezor Keep Metal solution from July. However, the new device will still support legacy backup processes.
Trezor CEO Matěj Žák acknowledged that many crypto enthusiasts lack trust in exchanges and are seeking a secure and straightforward way to interact with their crypto assets. The Trezor Safe 5 is the ultimate hardware wallet for crypto users seeking daily utility, top-notch security, and effortless usability.
The Trezor Safe 5 is priced at $169. Bitcoin-only and Black Graphite versions are available for pre-order and will ship in July. Green Beryl and Violet Ore versions will be available by mid-August. Trezor’s latest hardware device expands on its product suite following the launch of the Trezor Safe 3 in October 2023, which was primarily designed for crypto newcomers and novices.
Alongside its new hardware device, the wallet manufacturer also announced the launch of Trezor Expert — personalized, one-on-one onboarding sessions designed to provide expert knowledge and reassurance to help customers get set up with its crypto cold-storage devices and comfortable using its self-custody solutions.
The service, priced at $99, will be available globally seven days a week and ensures that only the customer knows the wallet backup and other sensitive information.
