If you’re like the rest of us, chances are you became familiar with ERC20 Tokens through crowdfunding companies looking to launch their ICOs. Let’s face it. There are a lot of acronyms floating around out there, but for those at the doorsteps of the house that crypto built, ERC20 are relatively easy to deploy and understand. The only downfall, when it comes to ERC20 Tokens – like most things we bring into our homes and our lives is storage. One company, CoolBitX, has just announced they are the first portable, hardware wallet to allow users the ability to add any ERC20 Tokens and manage them on the go with its app.
Let’s do a bit of unpacking. First of all, what does the first hardware wallet look like? Sleek and the size of a credit card, the CoolWallet S is damage-proof. Meaning not only is it tamper-proof, the CoolWallet S is waterproof and resistant to heat and cold – which is a lot more than I can say for my actual leather wallet. Additionally it offers secure cold storage and Bluetooth connectivity, E-ink display and over-the-air updates. Users can control their physical ledgers through CoolBitX’s native iOS and Android app. Which brings us back to ERC20 Token users.
If you’re already an ERC20 Token holder, you know: storage options are limited and incredibly prone to hacks. So much so that over $11 million in ERC20 Tokens were stolen in a Bancor hack this summer. Why so much? Well, currently software wallets and exchanges and other competing hardware wallets only offer third-party management. Meaning more logins, more passwords to remember and more opportunities for hacks and theft. CoolBitX aims to cut down on the app wrangling and PIN sharing plaguing mass adoption.
So why now? Well, according to Michael Ou, Founder and CEO of CoolBitX
“…we always prioritize ease of use and security when it comes to crypto custody. “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.”
Using CoolWallet S users looking to manage their crypto investments in one user-friendly, mobile app have a secure option for storage. In addition to all ERC20 Tokens, users can store an array of major cryptocurrencies such as: Bitcoin, Litecoin, Ethereum, XRP, and Bitcoin Cash.
Users can purchase the CoolWallet S for just $99, which was a direct response to user feedback, further strengthening CoolBitX’s mission to be the pioneer in the blockchain space to achieve mass adoption of cryptocurrencies.
Now, it goes without saying that for every piece of technology created to prevent a hack, hackers will find a way to have their way with the internet. That being said, it will be really cool to see just where ERC20 Token holders take this new found technology.