CoolBitX launched in early 2014, ready to change the world. A week later, hackers turned it on its head, stealing over 450 million USD from Mt. Gox, the most popular crypto exchange. This proved that connected or “hot” wallets would always be at risk.
USB hardware wallets too were vulnerable, as they could be opened and modified.
An alternative was needed. By late 2014, more people accessed the Internet by phone than computer. The world was mobile-first now. Our decision was easy.
We wanted to build an easy-to-use cold wallet which fit in your pocket, couldn’t be opened and connected safely to your phone.
Our family business had already perfected highly secure smart cards. I knew we could do the same for a blockchain hardware wallet.