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Popular swiss watch maker Franck Muller teamed up with alternative investment company Regal Assets to launch a new “Bitcoin watch” called ‘Encrypto’.
Tyler Gallagher, CEO of Regal, stated:
“I am honored to be part of the development of this process with Franck Muller. I believe this watch is revolutionary and is the perfect marriage between crypto and wearables, two booming industries. We are Regal Assets have always been big believers in cryptocurrencies and are always glad to partner up with established brands to come up with new and exciting crypto products.”
The watch was designed by Franck Muller himself and the Bitcoin’s “B” sits in the center with a QR code for Satoshi’s genesis block address at the top. The watch is being hailed as the first functional Bitcoin watch.
The Encrypto is meant to serve as a cold wallet to store Bitcoin and was designed with the Bitcoin universe in mind. Each watch comes as a two-piece “Deep Cold Storage” set. The set includes a unique public address etched on the dial as well as a sealed USB which contains a private key. Users are even able to check their balance through the dial.
The watch’s cold storage wallet uses offline generated, non-deterministic TRNGs (True Random Numbers Generated) that cannot be hacked. This method of Bitcoin storage is very well-known and respected in the crypto community because of its heightened security and the peace of mind that comes with it. Customers can easily use the QR code to scan their wallet address and check their balance or deposit more Bitcoin into it. Users can get fully insured deep cold storage vault if they are buying BTC from Regal Assets.
Erol Baliyan, regional director of Franck Muller, stated:
“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.”
And Mr. Baliyan added:
“Our watch is currently available online and at our Dubai Mall store. We accept payment by credit card, bank transfer and also in Bitcoin. Buyers can also purchase the watch from our partner Regal Assets.”
The watch is customizable by customers and they have the option to include other rare and expensive metals to make the watch even more valuable. Which is why although the starting price for the Encrypto is $9,800, it can go up to as much as $50,000. In the most expensive version of the watch, customers can get a diamond encrusted onto the watch.