The cryptocurrency hardware wallet manufacturer Trezor has introduced its new flagship, the Safe 5, including a version exclusively for Bitcoin.
It’s finally here! ?
Catch our CEO @matej_zak, as he took stage at @BTCPrague to reveal our latest line of products (…and services!)
Watch the full launch here:https://t.co/SuN25FG6lQ
— Trezor (@Trezor) June 14, 2024
At the BTC Prague 2024 exhibition, the company also unveiled the Trezor Expert onboarding service, offering clients personalized sessions for device setup.
According to the manufacturer, the wallet will enable users to securely store, manage, stake, and engage with thousands of cryptocurrencies in one place via the Trezor Suite desktop and mobile application.
The gadget features an enlarged color touchscreen with haptic feedback and a new secure element designed for storing confidential information and conducting transactions. The backup process has been improved.
Unlike its competitor Ledger, Trezor wallets are open source. This allows the community to audit and potentially expedite the discovery and resolution of vulnerabilities. However, it may also render the devices more susceptible to theft.
According to a press release, the secure element of the Trezor Safe 5 has received EAL 6+ certification, indicating that the chip has undergone comprehensive testing and can withstand sophisticated attacks.
The team reports that the new backup process allows users to transition from a standard single-resource procedure to a more advanced multi-resource one. This enhances security and eliminates a single point of failure.
“The backup is created using Shamir’s Secret Sharing scheme to split the main secret key into several unique shares. Clients can determine how many original parts will comprise the extended backup and how many are needed to restore the wallet. Even if some shares are lost, users will still be able to access their cryptocurrencies,” the team explained.
To protect wallet backups from fire, water, and physical damage, the manufacturer will begin offering the Trezor Keep Metal solution starting in July. The new device will continue to support old backup processes.
The team clarified that unlike the previous release, where the company limited the Trezor Safe 3 to 2013 units (the year of the firm’s founding) for digital gold operations, the manufacturer is offering an unlimited number of Trezor Safe 3 and Trezor Safe 5 units.
Back in November 2023, Trezor users encountered a malicious email campaign.
In January 2024, the company’s developers reported a security incident at a third-party support service provider, leading to a data breach affecting approximately 66,000 clients.