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CoolBitX Partners with Litecoin Foundation to deliver Mass Adoption

In its efforts to encourage widespread use of cryptocurrencies, CoolBitX has revealed plans to establish an office in the United States. In addition to launching the CoolWallet S at a price of $99 and announcing a new cooperation with the Litecoin Foundation, CoolBitX has raised $13 million from venture capitalists.

When it comes to electronic wallets, nothing beats the security and convenience of a hardware wallet. Soft wallets are always more vulnerable than hard wallets, despite the fact that cryptocurrency wallets offer an exceptionally high level of protection. This is not the result of insufficient security measures within the wallets themselves. The extremely lengthy string of encoded characters that constitute the public and private keys is extremely challenging to decipher using brute force or any other conventional method of hacking due to its length.

However, the computer that establishes an online connection in order to access these wallets is insecure, and as a result, soft wallets are prone to being targeted by malicious actors. It is possible that the personal computer or laptop that is used to connect to the wallet contains malware that actively seeks out private keys when entered against a public key and gains full access to the funds contained within the wallet as a result. Even in the event that the computer is devoid of virus of this kind, users typically save their information on the computer itself, making it possible for anyone to access those files and, once more, steal the funds.

Because they are “cold wallets,” as the term has come to be known in the industry, hardware wallets offer a higher level of security. They take the form of USB devices most of the time, and the only time they are connected to a computer or laptop is when a transaction is required. They are removed from the PC once the transaction has been completed. When it is connected to the internet, the device has additional levels of protection. After the device has been disconnected, it is not possible to access it; therefore, even if the private keys are stolen, thieves and hackers will not be able to access the device because it is not linked to the internet.

It’s a cool wallet S.

The CoolBitX company has developed a unique piece of hardware known as the CoolWallet S. The hardware wallet is a compact digital device that is built for the modern crypto user who is more than simply a trader and uses the digital currency in his or her day-to-day life. This user is the target audience for the hardware wallet. The tool comes with a number of useful functions, including:

The size of the gadget is identical to that of a standard credit card, which makes portability as simple as slipping a card into one’s wallet or purse.
Multiple Currencies: This wallet can store Bitcoin, Ether, Litecoin, XRP, Bitcoin Cash, and ERC20-based tokens, making it one of the most flexible options on the market.
Protection: This wallet offers one of the highest levels of protection available on the market thanks to the inbuilt EAL5+ certified Secure Element microchip.
Mobile Access: Only the owner has access to the funds, and they can get to them by connecting their mobile device to an encrypted Bluetooth channel. The application may be downloaded on both Android and iOS.
Trading: When the wallet is connected to the mobile app, it may be used not only to perform transactions, but also to trade assets like cryptocurrencies and other digital assets.
Display: The gadget contains a small e-paper display that displays important information such as the current battery level and the connectivity status.
OTA Updates: thanks to the capacity of its firmware to be updated over the air, the most recent security patches and services can always be integrated, allowing card holders to receive the best possible services.

Unexplored Territories and Potential Alliances

It was just recently revealed that the Cool Wallet S would soon be available for purchase in the US market. The Taiwanese company has already made a huge impact in the world with the introduction of its first CoolWallet in the year 2016. In addition, CoolBitX has revealed that it will soon establish a satellite office in the United States in order to bolster its existing position in the industry.

Because of the success that the company had with its earlier hardware wallet, many organisations all over the world have taken a keen interest in the new wallet that is the size of a credit card. SBI Holdings, a Japanese financial technology giant, has already invested USD 13 million into the company in order to enhance the company’s capabilities in the areas of manufacturing and delivering.

In addition, Charlie Lee, the creator of Litecoin, has shown interest in CoolBitX. As a result of CoolBitX’s collaboration with the Litecoin Foundation, Charlie Lee will now serve in the capacity of advisor to the company. Both organisations will work toward the improvement and widespread adoption of cryptocurrencies through the use of secure wallets. In this regard, the two entities will launch the CoolWallet S together during the upcoming Litecoin Summit event. The CoolWallet S will be available for purchase through the website of the Litecoin Foundation. This collaboration will not only provide CoolBitX with access to a large user base of Litecoin, but it will also make it easier for cryptocurrency holders to get their hands on one of the safest hardware wallets ever developed.

“The CoolWallet S is one of the best hardware wallets I’ve ever used,” said Charlie Lee, the creator of Litecoin and managing director of the Litecoin Foundation. “The CoolWallet S is one of the best hardware wallets I’ve ever used.” “It has one crucial feature that is absent from all of the other hardware wallets, and that is its ease of usage. It is a significant step toward mainstream adoption since it combines the security of hardware wallets with the convenience of use of mobile wallets.

Michael Ou, Founder and CEO of CoolBitX, stated that the company’s goal is to “remove pure, unsecured software wallets and bring hardware wallets up to date by launching the CoolWallet S.” “At CoolBitX, we want to eliminate pure, insecure software wallets and bring hardware wallets up to date,” “We couldn’t be more excited to announce the introduction of the CoolWallet S in the United States as a bridge between blockchain technology and larger audiences. We are thrilled to be able to form a partnership with Charlie Lee and the Litecoin Foundation, and we look forward to leading the way for the next generation of blockchain pioneers.

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Evangeline Christina is a Cyber Security Enthusiast, Security Blogger, Technical Editor, Certified Ethical Hacker, Author at Cyberspecial.net. Previously, he worked as a security news reporter in a reputed news agency.