The device itself is the same size as a traditional credit-card. Within it however, is a rechargeable battery, security chip, Bluetooth technology, an e-ink display, and a physical confirmation button. Working in unison with the device is a slick, easy to use app (on both Android and iOS).
Boasting these features, the CoolWalletX is one of the first hardware wallets that makes sense for spending on the go or long-term holdings. While competitors have devices which resemble jump drives, the CoolWallet S fits nicely inside a wallet with its sleek design. This allows for it to be used throughout your daily life, while still providing the enhanced security associated with hardware wallets.
Why is it Needed?
Each passing day, a growing number of investors are seeing the benefits of digital assets. Like anything of value though, digital assets require safe keeping. To date, there have typically been three main ways of storing such assets.
On an Exchange – This is not recommended for anything more than what is needed. When assets are stored on an exchange, they are out of your control, and at the mercy of the service provider. While there are many reputable exchanges, this is simple a huge unnecessary risk.
Desktop/Mobile Wallets – Wallets such as Exodus, provide higher levels of security than storing on an exchange. Most importantly, these services typically provide their users with the private keys to their holdings – meaning the user is in complete control of their funds. The main draw to mobile wallets, is that you can bring your funds with you wherever you go, making them accessible for daily spending.
Hardware Wallets – Lastly, we have hardware wallets. This avenue is typically regarded as the most secure way to store digital assets, and is typically reserved for long-term holdings.
While each method of storage has its perks, the vast majority of investors would benefit from using each. To learn more about hardware wallets in particular, check out our recommendations for the best offerings in 2021.
So, what is setting up and using the device actually like? In total it will take less then 10 minutes from unboxing to having a ready-to-use hardware wallet, synced with a mobile device.
The device itself comes in a discreet matte black cardboard box, measuring roughly 11.5×8.5cm. Within it, you will find the following,
- CoolWallet S
- Charging dock
- Recovery Seed Card x 2
- USB-A to Micro-USB charging cable
- Documentation with QR code for access to the App
The wallet and dock are each black, sharing a design aesthetic with the accompanying app.
Once unboxed, setup of the device is a breeze, taking no more than 10 minutes. To get the process started, you will need to download the CoolBitX app. This is available for both Android and iOS systems.
It should be noted that the design of this wallet requires for your mobile device to support Bluetooth.
When downloaded, simply open the app, turn on the wallet by pushing the integrated button, and pair the devices over encrypted Bluetooth. Once paired, the unite will give the option to either create, or recover a wallet.
Seed generation can be tailored to 12/18/24 words or numbers. For increased security, the option to generate seeds linked to the card is an option, vs. the app. Make sure to have a calculator handy, as the device requires the sum of each seed figure to verify that everything was recorded correctly.
Note that the hub is only for charging purposes. The battery within the card is expected to last multiple months with normal use.
Using the CoolWallet S is a bit like using a combination wallet, taking the best parts of a mobile wallet and combining them with the perks of a hardware wallet. The result is a secure solution for storing your assets on the go.
Once set up, most of your interaction with the wallet will take place through the app on your smartphone. Here you can tailor your portfolio, view holdings, receive and send funds, etc. Private keys are stored on the card itself, meaning that it is required to access funds, along with the paired smartphone.
All items are simple, but sleek. The wallet is especially interesting with the built-in E-ink display, which is comprised of three rows. The top shows the current asset being accessed, Bluetooth status, and battery indicator. The middle and bottom row show both upper and lower-case letters, along with numbers. It is here that balances, recovery phrases, etc., are displayed.
While the screen on the wallet itself quite handy, the unit itself is primarily used as a confirmation device. Building transactions, and portfolio monitoring is done via the app.
While early days saw the CoolWallet only support a select few assets, this is a thing of the past. Currently the CoolWallet S supports a bevy of coins and tokens alike. The following graphics show the current crop of assets which can be stored.
Provided the appropriate info is at hand, users can setup/add any ERC-20 token*
At the end of the day, a hardware wallet is only useful if it provides high levels of security. If it doesn’t offer this, why use one at all?
With the CoolWallet S, various steps were taken to ensure that funds remain safe. CoolBitX indicates that not only does the wallet make use of AES-256 encrypted Bluetooth connections, but that no sensitive data is ever transferred wirelessly. Through the use of an integrated security chip boasting CC EAL5+ certification, private keys are never shared.
CoolBitX states, “This secure chip does the calculation of all the necessary algorithms and delivers only the result of the calculation (non-sensitive data) out to the phone via Bluetooth”.