On Monday, a new project called Arculus unveiled their cold storage solution. Their solution promises to be an attractive alternative to traditional cold storage solutions like Ledger and Trezor.
The Arculus Key card has the slim form factor of a credit card, and provides an air-gapped private key storage solution. Unlike Ledger, Trezor, and many other cold storage solutions, the card does not require charging. This is because the card communicates with the Arculus mobile wallet via encrypted NFC (Near-Field Communication) technology. While NFC implementations with credit cards are nothing new, leveraging NFC tech for cold storage purposes is revolutionary and exciting. The NFC tech allows users to simply tap the card to the back of their mobile device to authenticate. Check out the chart below to see how Arculus compares to its competitors.
“The growth of cryptocurrency is driving demand for a simple solution that delivers the mobility and state-of-the-art security needed to make cryptocurrency more viable for more consumers,” said Adam Lowe, Chief Innovation Officer.
He added, “The Arculus solution will broaden cryptocurrency adoption because of the familiar behavior consumers have using their payment cards, creating an improved user experience as compared to products currently on the market.”
A 3-factor authentication process secures user funds. The first step is a 6-digit personal PIN. The second step leverages the user’s mobile device’s biometric security (facial or fingerprint recognition). Finally, the third step is the confirmation that the user’s mobile device is physically near its key card. Therefore, funds cannot be withdrawn from the user’s wallet without all three steps being completed. Arculus Key users can feel safe that their crypto will never move without the key card being near their mobile device.
If a user loses their key card, they can recover their funds using various passphrases that should be written down when setting up their Arculus wallet.
The Arculus Wallet mobile app allows users to buy, swap, and view the cryptocurrency stored in their Arculus Key card. Supported cryptocurrencies include Bitcoin, Ethereum, Tether, Bitcoin Cash, Litecoin, USDC, Aave, XRP, TUSD, DIA, Uniswap, and BUSD.
The Arculus Key card will be available in Q2 of 2021. The free accompanying wallet app will be available to download on iOS and Android devices in Q1 of 2021.
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Images courtesy of Arculus.
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