We take a look at some alternative cold wallets in the market, besides the usual suspects of Ledger and Trezor.
Today, there are well over a dozen cryptocurrency hardware wallets available, each promising to offer the right mix of security, features and convenience.
While the hardware wallet landscape has been dominated by two major players — Ledger and Trezor, the industry has evolved, bringing with them a diverse array of needs, concerns and requirements.
To meet this demand, a wave of new hardware wallets has been released, many of which aim to iterate on first-generation wallets and bring features that cater to the needs of a new generation of crypto users.
Click here to learn more about private keys.
Choosing a Hardware Wallet
While many hardware wallets boast an impressive array of features, robust security and excellent digital asset support, it's important to ensure to pick an option that best fits your personal needs.
Some of the more important considerations include:
Security
When looking for wallets, opt for ones with strong security protocols such as embedded certified Secure Elements. Also, consider mechanisms like auto-wiping after incorrect pin attempts or physical seed backup alternatives.
Supported Assets
Ensure that the wallet supports the specific cryptocurrencies and tokens you own or plan to own, as well as the specific chains you plan to transact on. Some hardware wallets are dedicated Bitcoin wallets, while others support almost all of the popular blockchains.
Interface and Experience
Choose devices with intuitive interfaces, especially if you're a beginner. Large screens and clear sign capabilities make transacting easier but typically reduce portability.
Connectivity
Evaluate the connection methods that best suit your needs. Some hardware wallets use USB connections, while others use NFC. Bear in mind that some connection methods are more prone to attack than others.
Price
While this might not be a factor for some, crypto hardware wallets can vary dramatically in price. It’s important to balance this against the utility, security and features it offers.
For smaller portfolios, it probably doesn’t make sense to buy a high-end wallet — unless it offers essential features not found in cheaper alternatives.
Click here for a more extensive overview of cryptocurrency cold wallets.
Let’s take a look at some of the alternatives to the Ledger and Trevor offerings currently available in the market.
SecuX Nifty-X
The SecuX Nifty-X is a premium hardware wallet centered around secure NFT management and storage. This smartphone-esque device features a large full-color touchscreen capable of displaying NFT artworks.
Like most popular hardware wallets, the SecuX Nifty-X supports multiple popular chains, including Ethereum, Solana, Polygon and BNB Chain. Users can store and manage both NFTs and fungible tokens on these chains using the SecuX Nifty-X.
As a cold storage device, the SecuX Nifty-X features an embedded EAL5+ certified Secure Element (SE) and ensures all seed phrases are generated securely offline. It also boasts an automatic wiping mechanism, which will reset the device after 5 incorrect pin entry attempts, ensuring it cannot be brute forced.
The SecuX Nifty-X is compatible with WalletConnect, making it easy to interact with blockchain web apps.
At $249, the SecuX Nifty-X is one of the more expensive cryptocurrency hardware wallets, but this price does include 3x aluminum seed storage sheets and an etching tool — which are typically sold separately with other wallets.
Hito Wallet
Hito is a new cryptocurrency hardware wallet designed with an emphasis on NFTs.
Unlike many hardware wallets, Hito is completely portless — this reduces its attack surface while making it more convenient to use. Instead of the typical USB connection, the device connects to an associated mobile device using near-field communication (NFC). It’s also one of the few to support wireless charging.
Hito can be counted among just a handful of hardware wallets with large full-color touchscreens — making it well-suited for NFT collectors who want to keep an eye on their collection. It currently supports fungible and non-fungible assets on the Ethereum chain, but the team is working to integrate Bitcoin and other chains.
The Hito wallet is one of the slimmest cold storage devices on the market. At just 0.15 inches thick, it's thin enough to fit into many wallets. It also features a robust metal and glass construction.
The setup process requires you to enter a passcode and generate (or import) a seed, before connecting the device to a nearby phone via the HIto app. However, the Hito wallet app is currently only available for iOS users through Apple TestFlight or for Android as a downloadable .apk file. The team is currently working to deploy the apps on the respective app stores.
At just $99 (+ delivery), Hito offers convenience over sheer capabilities.
Cypherock X1
Billed as the "world's safest web3 wallet", the Cypherock X1 is arguably one of the most unusual cryptocurrency hardware wallets released to date — with a form factor that barely resembles the typical cold storage device.
Unlike other hardware wallets, the Cypherock doesn't require a physical seed backup. Instead, it uses Shamir's Secret Sharing to split private keys into five parts. So long as at least 2 of these parts can be accessed, the funds can be accessed and spent.
The Cypherock X1 supports more than 3,000 digital assets across the most popular layer-1s, including Bitcoin, Ethereum, BNB Smart Chain, Solana, Litecoin, Avalanche (C-Chain), NEAR and more.
The Cypherock X1 is unusual among cryptocurrency hardware wallets in that it allows you to secure up to 4 unique seeds. Most competing devices only support one seed at a time, requiring users to reset their device if they want to recover a new seed.
Since the device can be used as a seed vault, it helps consolidate funds while avoiding the risks of storing paper/metal seed backups.
For $199, users receive four NFC-based smart cards, the X1 vault unit and some additional accessories. Users interact with the device via the Cysync App which is used to authenticate X1 cards, manage portfolios and initiate transactions.
Each of these smart cards is secured by its own EAL6+ rated secure element and can be easily replaced if lost.
Conclusion
Cryptocurrency hardware wallets play an important role in helping users securely self-custody their assets.
While prices vary, security, usability, and unique features remain important considerations for users. Across the board, these devices underscore the evolution and importance of hardware wallets in an industry beset by black swan events and hacks.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
