Trezor launches Safe 5 crypto hardware wallet, including a bitcoin-only version

Crypto hardware wallet manufacturer Trezor has unveiled a trio of new products at BTC Prague 2024, designed to encourage self-custody of digital assets: the Trezor Safe 5 hardware wallet, a bitcoin-only version and the "Trezor Expert" onboarding service.

The firm said the new device will enable users to securely store, manage, stake, and use thousands of cryptocurrencies in one place via the Trezor Suite desktop and mobile app. It features a larger color touchscreen with haptic feedback, a new secure element designed to protect sensitive information and perform cryptographic operations, and an enhanced 20-word backup process, according to a statement shared with The Block.

Trezor devices are completely open-source, meaning they are community-based and audited so vulnerabilities may be seen and fixed faster. On the other hand, it may make devices easier to crack when stolen. However, the Trezor Safe 5 secure element has an EAL 6+ certification, confirming that the chip has undergone extensive testing and can withstand sophisticated attacks, the team said.

The new backup process enables users to upgrade from a standard single-share backup to a more advanced multi-share backup, Trezor added, designed to offer improved security with no single point of failure. “The backup is created using Shamir's secret sharing to split the master secret key into multiple unique shares. Users can decide how many unique shares the advanced backup consists of and how many are needed to restore the wallet. Even if some shares are lost, users can still access their crypto,” the team explained. 

To protect wallet backup phrases from fire, water and physical damage, Trezor said it will also offer a 20-word version of its Trezor Keep Metal solution from July. However, the new device will still support legacy backup processes.

“Understandably, many crypto enthusiasts lack trust in exchanges and are looking for an easy and secure way to interact with their crypto assets,” Trezor CEO Matěj Žák said. “However, with hardware wallets often designed more for ‘hodling’ crypto rather than using crypto on a more regular basis, we saw that there was an opportunity to bring something new to the sector — enter the Trezor Safe 5, the ultimate hardware wallet for crypto users looking for everyday utility along with the highest level of security and effortless usability.”

Bitcoin-only version

The Trezor Safe 5 is priced at $169. Bitcoin-only and Black Graphite versions are available on pre-order and ship in July. Green Beryl and Violet Ore versions will be available by mid-August, according to the statement. 

Trezor’s latest hardware device expands on its product suite following the launch of the Trezor Safe 3 in October 2023, tailored primarily for crypto newcomers and novices to encourage self-custody of their digital assets.

While the Trezor Safe 3 bitcoin-only versions were limited to only 2,013 devices in a nod to Trezor’s launch year, Trezor said it will now offer an unlimited edition of the orange shade bitcoin-only Trezor Safe 3 and Trezor Safe 5 for general sale.

One-to-one onboarding sessions

Alongside its new hardware device, the wallet manufacturer also announced the launch of Trezor Expert — personalized, one-on-one onboarding sessions designed to provide expert knowledge and reassurance to help customers get set up with its crypto cold-storage devices and comfortable using its self-custody solutions.

“For many people, their crypto journeys begin on centralized exchanges before they progress to taking responsibility themselves for storing their crypto on hardware wallets,” Žák said. “We’ve seen this play out many times after the collapse of high-profile exchanges when our sales suddenly spike. But newcomers to hardware wallets sometimes lack experience, knowledge and confidence in setting up hardware wallets — turning to social media and internet research to help them through the process.”  

“Trezor Expert not only helps our customers to set up their hardware wallets correctly, it gives them the opportunity to explore the security considerations of self-custody in more detail as they cover topics such as private key management and safe online practices,” Žák added.

The service, priced at $99, will be available globally seven days a week and ensures that only the customer knows the wallet backup and other sensitive information, Trezor stated.