Renowned Swiss luxury watch maker, Frank Muller in a partnership with alternative investment company, Regal Assets is set to release a new luxury time piece with Bitcoin storage functionality called “Encrypto.”
According to an official press release by the firm, the luxury watch, “Encrypto” will serve as a cold storage wallet for storing Bitcoin. Each watch will function as a two piece set with features which include a unique public address accessible through a dial and a private key contained in a sealed USB drive.
Apart from the overall cold wallet storage functionality of the watch, users will be able to check their wallet balance using the dial feature engraved on the watch.
In an additional statement by the regional director of Frank Muller, Erol Baliyan, he said:
“we always aim to impact the customer at an emotional level and create a bond between the customer and the timepiece. As a brand, we are a trend maker with a solid track record and are not shy when it comes to adopting innovation. Bitcoin is the millennial gold is the perfect marriage between innovation and personal choice.”
The watch as reported by the firm contains a “deep cold storage wallet” and an “offline generated, non-deterministic TRNGs (True Random Number Generated),” which makes it unhackable.
Encrypto being a high fashion luxury watch is sold for $9,800 which is its starting price to $50,600. Payment for the watch can be made through Bitcoin and other traditional payment methods.
Frank Muller’s luxury watch is not the first of Swiss watch producing companies to integrate blockchain functionality into its product. In a report on May 24, Vacheron Constantin another Swiss luxury watch manufacturer announced plans to start using blockchain in tracking its timepieces.
Another Swiss luxury watch company- Hublot back in 2018 released limited edition watches which it called Big Bang to commemorate Bitcoin’s 10th anniversary, sold for $25,000 a piece and could be purchase only with Bitcoin.