Cryptocurrency

Bitfi launching open source crypto wallet and 1st hardware wallet for Monero (XMR)

Bitfi, a global payments technology company working to enable businesses and consumers to participate in the digital currency economy, today announced Bitfi Knox Wallet – the first unhackable, open source hardware wallet with an accompanying dashboard that features wireless setup and support for many popular cryptocurrencies and crypto assets, including Monero, a fully decentralized private cryptocurrency that has previously never had a hardware wallet solution.

Once the wallet is set up, the device automatically receives the latest software updates thus completely eliminating any possibility for a user to download corrupt software or fall prey to phishing attacks. As Bitfi adds support for additional cryptocurrencies and crypto assets, they will automatically appear in the wallets of all users. In this way, a single purchase of the hardware wallet guarantees that wallet holders always have access to its latest technology and updates, making Bitfi Knox Wallet a secure, long-term investment.

While most wallets store a 24-word memory key to access funds, the Bitfi Knox Wallet allows wallet holders to store an unlimited amount of funds, without possibility of loss or theft, by utilizing a proprietary and open-source Bitfi algorithm that calculates the private key with a powerful onboard CPU from the user’s own unique secret phrase. The private key only exists for a fraction of a second, just long enough to approve the transaction and is never stored anywhere. The user-created phrase is impossible for others to guess but easy for the wallet holder to memorize.

“The radically innovative Bitfi Knox wallet grew out of desperate need to find a completely secure and convenient storage solution so that we could drive rapid adoption of decentralized blockchain assets. Intimately involved with the cryptocurrency revolution, we sought to develop the ultimate instrument that would be the last word for the problems of storing and interacting with cryptocurrency and other digital assets. Early prototypes so astonished various users who share our passion for cryptocurrency that through simple word of mouth many crypto enthusiasts were soon clamoring for a Bitfi Knox wallet of their own. This demand led to our formation and the filing of numerous patents for over two dozen breakthrough features.”

Daniel Khesin, Co-Founder of Bitfi

Unlike other wallets, the Bitfi Knox wallet cannot be tampered with. If it is ever lost, stolen, taken apart and forensically analyzed, the private keys cannot be retrieved, making the wallet safe to purchase from anyone within the network of authorized distribution dealers. The Bitfi algorithm is 100% open source, users can easily obtain their private keys without any reliance on 3rd parties, including Bitfi itself. Furthermore, instead of having to access each currency from individual folders or multiple wallets, users can view and control all of their digital currencies and assets in one place via the Bitfi dashboard.

The Bitfi Knox Wallet enables users to view all balances at a glance and quickly switch from one cryptocurrency to another, whether for personal or business use, much like using an ATM machine. Bitfi Knox Wallet also features native support for Ethereum, allowing users to view both their Ethereum balance and access tokens in one place rather than using third-party services.

“The Bitfi Knox Wallet is the result of experiments with the most advanced circuit topologies, components, and materials derived from state-of-the-art theory and practice in many fields,” said Khesin. “It is the result of our strenuous commitment and single-minded dedication to advancing the universal adoption of the decentralized digital asset economy in everyday life, for everyone.”

The Bitfi Knox Wallet will go on sale for $120 USD and purchase includes a one-year limited warranty. Units will be available for purchase starting June 25th, 2018 with shipments beginning June 27th, 2018.


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