Named HW.1, the smartcard-based USB wallet has been launched for the Bitcoin users by BTChip. The company has kept security and user experience in mind and for that it entered into a partnership with GreenAddress which is known for its multi-signature functionality it provides for its clients.
The USB hardware wallet for Bitcoin is an outcome of the joint work by BTChip and GreenAddress which teamed up and brought in a product that is designed to offer multi-signature security on a budget. According to BTChip founder Nicolas Bacca the device should appeal to users frustrated with the Bitcoin wallets’ current security policies.
Nicolas Bacca admitted that the two organizations are pleased to be the first company to bring affordable banking grade security. He said that while preserving Bitcoin user-centered principles, his company partnered with GreenAddress, so that customers get protection by the multisig provided by the wallet.
According to Bacca, the entire effort makes it very, very easy for Bitcoin users to access their coins. He believes that the multisig feature enhances the user experience, as transactions are made easier, safer and faster and that the use of two-factor authentication offers a second layer of security.
USB Bitcoin Wallet for on-the-go functionality
The company declares that the HW.1 can be used on standard USB ports through a Chrome app running on Windows, Mac OS X, Android or Linux. Also, as it can be used on Android devices with USB on-the-go (OTG) functionality, including a wide range of smartphones and tablets, there is no issue regarding the compatibility.
Talking to media professionals Lawrence Nahum, co-founder and chief executive of GreenAddress said that HW.1 is a combination that brings the better of two worlds i.e. multisig and hardware wallets. He admitted that he expects a lot of people to be using them as it comes from GreenAddress which is one of the most promising and innovative Bitcoin wallet platforms.
According to Lawrence Nahum his company with support for multisig and HD (BIP32) features has made the HW.1 that runs on an open-source API available on GitHub compatible with Electrum 2.0.
He admits that the wallet is intended to be used even in situations in which the user doesn’t trust the computer; he may receive an email or SMS with a two-factor authentication code in such situation. This is aimed at providing higher security for the Bitcoin wallet.
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