The Popular Swiss luxury watchmaker had earlier launched the time piece in June 2019, in partnership with cryptocurrency trading platform – Regal Assets; becoming the first company to release a limited edition Bitcoin (BTC) storage watch.
According to Franck Muller, the ‘Encrypto’ will function as a cold wallet for storing Bitcoin. The watch bears a Bitcoin logo and is engraved with a unique QR code which links to the owners public wallet address, and can be used to deposit or receive bitcoins.
There is also added functionality to allow users check their BTC balance directly through their dial.
For extra security, the watch comes with a sealed USB drive which contains the private key – this is its most important feature as hold the keys to access the BTC funds.
Its producers say the watch’s wallet is unhackable and uses offline generated, non-deterministic TRNGs (True Random Numbers Generated), which makes it extra secure similar to a bitcoin hardware wallet.
All users have to do is scan the watch dial to add bitcoins or check their wallet balance.
Regional Director of Franck Muller, Erol Baliyan remarked;
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.– Franck Muller Regional Director Speaks on Bitcoin Watch
The Encrypto is priced between $9,800 to $50,600 for the stainless steel, Rose Gold, Titanium, Carbon and diamond encrusted versions respectively; with the time piece all held in place by a sewn alligator strap.
Purchase can be made with Bitcoin (BTC) or other traditional payment methods; with the company also considering production of similar watches to support other top-five cryptocurrencies including Ethereum (ETH) and Ripple (XRP).
Franck Muller says “The watch serves not only the purpose of telling time but also acts as a gateway to accessing the millennial gold (Bitcoin) of this era.”
This latest timepiece joins the likes of Hublot’s Big Bang Blockchain wristwatch which was launched last year. The Big Bang is a limited edition wrist watch with only 210 pieces available in reference to Bitcoin’s total supply cap of 21 million coins. The hublot big bang blockchain watch can only be purchased with Bitcoin (BTC).
Another bitcoin-themed wristwatch – Cryptomatic was the first to spot the Bitcoin ‘B’ logo, and currenctly sells for under $1000.
What do you think of the ‘Encrypto’? Share in the comments below!