One of Switzerland’s oldest watch manufacturers A. Favre & Fils, announced last week plans to produce a handcrafted, luxurious watch with a built-in cold wallet. A. Favre & Fils, established in 1718, sees the future in combining modern technologies with traditional watchmaking.
Laurent Favre, A. Favre & Fils CEO commented:
I am very excited about this new piece and the vision it creates for the Swiss watchmaking industry. I am particularly proud of the great board of advisors we can count on for this very innovative project we are working on. Our team is composed by luxury watchmaking experts and a world-class board of advisors including Stephen Urquhart, Ex-President and CEO of Omega for 17 years and Oliver Bussmann, former Group CIO of UBS and SAP and one of the most influential blockchain expert.
Unlike other manufacturers who offer limited edition watches with incorporated cryptocurrency wallets and sell them for bitcoin, A. Favre & Fils wants to offer something that is also practical.
“You have to keep adding relevant features that advance the design. It’s a bit like figuring out the future of steam engines in the age of electric trains” Favre said.
The watch prototype isn’t built yet, but they have shared that it will be available by the end of spring, or the beginning of summer. It will cost from $102,000 to $153,000 or the equivalent in cryptocurrencies.
Various features will be added in order to increase security in case the watch gets stolen or lost but details about how the wallet will operate haven’t been revealed. They’re also exploring ways of implementing blockchain technology into their business, to record transactions and tokenize company shares.
📢 A. Favre & Fils announces the first Swiss handcrafted mechanical timepiece with a built in crypto-currency cold wallet and state of the art proprietary security solution. 🗝📂 Curious? 👀 Watch this now!👇🏼 https://t.co/UAO0YBWM7n #what_is_the_missing_link pic.twitter.com/DzMqWKrwRy
— A. Favre & Fils (@afavrefils) January 10, 2019
Want to know more about Bitcoin wallets? Check out our guide to storing Bitcoin.