In a major move to bolster self-custody of digital assets, Trezor, a leading digital-asset hardware wallet manufacturer, has unveiled its latest flagship device, the Trezor Safe 5, at the BTC Prague 2024 event.
The new Trezor wallet, designed with enhanced security and user-friendly features, also includes a Bitcoin-only variant, catering specifically to Bitcoin enthusiasts.
The Trezor Safe 5 stands out with its state-of-the-art security measures and usability improvements. Priced at $169, the device boasts a larger color touchscreen with haptic feedback, a significant upgrade from its predecessors.
This touchscreen aids in better navigation and confirmation of transactions, making the user experience smoother and more intuitive.
The heart of the Trezor Safe 5’s security lies in its new secure element chip, which has achieved an EAL (Evaluation Assurance Level) 6+ certification.
EAL 6+ is a high-level security certification within the Common Criteria for IT Security Evaluation (ISO/IEC 15408), indicating rigorous testing and verification suitable for high-risk environments such as government and military.
It involves semi-formal design and extensive testing, with additional assurance measures beyond standard EAL 6 requirements.
This certification demonstrates a high level of confidence in a product’s security, although achieving it is costly, time-consuming, and technically challenging.
This high level of certification ensures the device can withstand sophisticated attacks, providing users with peace of mind that their assets are well-protected.
The secure element is crucial for protecting sensitive information and performing cryptographic operations, which are essential for secure transactions and storage.
One of the standout features of the Trezor Safe 5 is its improved backup process. The device supports a 20-word backup using Shamir’s Secret Sharing, a method that splits the master private key into multiple unique shares.
Users can decide how many shares to create and how many are needed to restore the wallet. This approach ensures that even if some shares are lost, the wallet can still be recovered, offering an added layer of security against data loss.
To further protect these backup phrases from physical damage like fire or water, Trezor will also offer a 20-word version of its Trezor Keep Metal solution starting in July. This durable storage option ensures that backup phrases remain intact under harsh conditions.
Trezor has always prided itself on using open-source code for its devices, and the Safe 5 is no exception.
This transparency allows the community to audit the code, quickly identifying and fixing any vulnerabilities. While this openness theoretically makes the devices easier to crack if stolen, the extensive security measures in place, including the EAL 6+ certification, mitigate these risks significantly.
In addition to the universal Trezor Safe 5, the company has introduced a Bitcoin-only variant.
This version strips away non-Bitcoin features and focuses solely on providing a streamlined experience for Bitcoin users. The Bitcoin-only variant is available for pre-order and will begin shipping in July, with additional color variants like Green Beryl and Violet Ore expected by mid-August.
Understanding that many new users may find setting up hardware wallets daunting, Trezor has launched the Trezor Expert onboarding service. Priced at $99, this personalized, one-on-one service provides customers with expert guidance on setting up their hardware wallets.
Available globally seven days a week, Trezor Expert aims to ensure that users correctly and securely set up their wallets.
Matěj Žák, CEO of Trezor, explains that many people start their bitcoin journeys on centralized exchanges and later move to using hardware wallets for greater security.
He noted that sales of hardware wallets often increase after the collapse of major exchanges. However, newcomers often struggle with setting up these wallets due to a lack of experience and confidence, turning to social media and online resources for help.
Trezor aims to provide these customers with personalized guidance from a trusted and reputable brand committed to security.
He added:
“Trezor Expert not only helps our customers to set up their hardware wallets correctly, it gives them the opportunity to explore the security considerations of self-custody in more detail as they cover topics such as private key management and safe online practices.”
The launch of the Trezor Safe 5 comes amidst growing competition in the hardware wallet market, notably from Ledger.
The Ledger Stax, another flagship product, offers dual-layer security and innovative features like a curved E Ink touchscreen and various connectivity options including USB C, Bluetooth 5.2, NFC, and Qi wireless charging.
Priced at $279, it is significantly more expensive than the Trezor Safe 5.
Both devices support the storage of thousands of digital currencies and provide seamless integration with desktop and mobile apps for managing, staking, and using digital assets.
While Ledger focuses on innovative design and connectivity, Trezor prioritizes robust security and ease of use. The choice between the two often comes down to user preference for specific features and budget considerations.
Trezor’s new product lineup, unveiled at the largest Bitcoin event in Europe, BTC Prague 2024, reflects a broader trend towards self-custody in the Bitcoin world.
“Understandably, many crypto enthusiasts lack trust in exchanges and are looking for an easy and secure way to interact with their crypto assets,” said Žák. He added:
“With hardware wallets often designed more for ‘hodling’ crypto rather than using crypto on a more regular basis, we saw that there was an opportunity to bring something new to the sector.”
The Trezor Safe 5 and its Bitcoin-only variant represent significant advancements in the world of digital asset hardware wallets.
With enhanced security features, improved usability, and a strong focus on user education through the Trezor Expert service, Trezor continues to lead the way in promoting self-custody of digital assets.
