Empty cryptocurrency cards will be available in Luxembourg stores.
CoinPlus, a startup that specializes in cryptocurrency, token and cybersecurity solutions, is now selling its SOLO card suite in Luxembourg’s stores. The empty physical support will initially be available in K Kiosk outlets, from the end of this week.
Unlike credit or phone cards, CoinPlus’ products can be used to store, buy and transfer cryptocurrencies. Until recently, they were only available on the Internet and in a few stores in France.
“SOLO is the world’s first physical multi-support crypto vault and the simplest way to get your crypto asset with you,” explains Yves-Laurent Kayan, co-founder, strategy director and CEO of the startup.
“The card can also serve as a gift, so you can offer bitcoins to the ones you love or want to reward”.
The card operates as a cryptocurrency physical and digital wallet: All information about the accounts of the holders cannot be accessed via the Internet. “There is therefore no risk of cryptocurrency loss as a result of theft, computer failure, or loss of private keys,” Kayan adds.
The buyer receives three empty cards. Two of them are needed to draw money. The third is a security in case of loss.
Litecoin, Ethereum, Xrp, Bitcoin, Tezos, Bitcoin Cash, and Ethereum Classic can be purchased and loaded on the account via a simple credit card. They can also be transferred via a mobile device.
The SOLO-set includes a basic and a sophisticated solution. The basic one does not have a backup; So, if the card is lost, its holder loses the whole amount of its wallet.
The premium solution has a back-up feature, that provides the location and ownership of the digital asset. This helps its holder recover the total amount of his or her wallet in case of loss.
To secure its products, CoinPlus has filed a patent on its inscription process for cryptographic codes on physical supports. “We have selected two different companies to engrave two secrets on the card, making sure that only the buyer will have access to the private key,” Kayan details. “Each company also generates a secret using a secure random number generator and derives an asymmetric key pair (public and private) from which it stores only the public key. Then each company engraves its secret on the bar and covers it with a holographic security label ensuring its safety”.
Kayan expects to sell 4.000 cards in Luxembourg in 2020. He also plans to use other distribution networks and specialty stores (such as jewelries) worldwide and expects to sell 100,000 cards in 2021, up to 1 million in 2022.
Launched in 2014, the Luxembourg-based company is providing cryptocurrency, token and cybersecurity solutions. These include its Solo cards, as well as Solo bars, cryptocurrency ingo wallets made in non-precious metal (manufactured in China), in 18k gold and/or in diamonds (produced in Pakistan).
The two-person company also creates tokens for ICO purposes. My Sardines recently issued SardineCoins for its 7th fundraising round. The tokens were made by CoinPlus.
Silicon Luxembourg, October 2020