SatoshiLabs Group, the holding company behind cryptocurrency innovations such as the original Bitcoin hardware wallet Trezor, has appointed Tomáš Sušánka, formerly Head of Engineering, as Trezor's new CTO.
Tomáš Sušánka is an experienced cryptographic engineer who joined the company in 2017, coming from previous experience at Cloudflare. Open-source security solutions such as Trezor as well as Bitcoin and cryptocurrencies are both his passion and hobby.
“In my new position, I will primarily focus on building strong independent teams to serve as the crucial pillar of our technology. With cryptocurrencies increasing in popularity, we recognize an increasing need for automating development processes. Last but not least I will be dedicated to enabling both professional and personal growth of our people, which is key to the future development of Trezor products like Trezor Suite.”
The CTO position is being passed to Tomaš from Pavol Rusnák (best known as Stick), who is a co-founder and co-owner of the holding company. Stick will continue to support Trezor's mission from his position in upper management of the SatoshiLabs Group.
“Tomáš has proven his skills both as a developer and as a capable manager who has led his team to success during his time with the company. Nowadays it is not easy to find a person to fill a top management position who not only knows how to lead a team but also understands our industry and embraces our particular independent mindset. I am truly looking forward to Tomáš driving forward the innovation Trezor is so well known for in the crypto security industry.”
Pavol Rusnák, SatoshiLabs Co-founder
SatoshiLabs group has grown significantly, almost doubling its headcount over the last year. The company continues to search for highly motivated talent across a range of positions. For more information about open roles visit our career page.
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2 min read
A smooth entry into the world of cryptocurrencies for everyone!
Invity, a self-funded startup founded in 2019 under the SatoshiLabs Group, is launching a new app for its users. Having already facilitated over $100 million in cryptocurrency transactions during 2021, with expectations to surpass $1 billion this August, the company reaches yet another milestone.
Known as a cryptocurrency exchange aggregator, Invity offers a complete ecosystem for buying, selling, exchanging, and spending cryptocurrencies, including dollar-ost averaging (DCA).Their latest addition is a mobile app that simplifies Bitcoin purchases. Additionally, the app provides access to a planned educational academy.
"The mobile app will enable us to introduce Invity to a broader audience of newcomers. To maximize our reach, we are focusing on creating a user-friendly experience and providing educational resources within the app. Security is also a top priority. Our efforts are directed at ensuring users can securely store their cryptocurrencies in their own wallets, eliminating the need to depend on us or any other third party."
comments Stepan Uherik, CEO of Invity and CFO of SatoshiLabs.
Academy as a gateway to hardware wallets
As part of the app, Invity intends to offer users an educational academy. The aim is to effectively assist newcomers in navigating the field, gradually guiding them toward more advanced features and enabling them to manage cryptocurrencies knowledgeably and independently. Additionally, the importance of storing cryptocurrencies in a personal crypto hardware wallet is highlighted.
In fact, Invity's services are directly integrated into the desktop and browser app of the Trezor hardware wallet within the Trezor Suite. This offers Trezor users a seamless, secure, and comfortable experience when trading and managing their cryptocurrencies. The emphasis on security is further reinforced by the inclusion of only non-custodial exchanges. This ensures that any purchases made do not remain on the exchange but must be immediately transferred to a user’s Trezor.
"As a result, users maintain complete control over the cryptocurrencies they possess. Given the frequent occurrence of exchange crashes and an unpredictable regulatory environment, it is crucial to advise new crypto investors against entrusting their digital assets to third parties for extended periods, let alone when dealing with substantial amounts,”
2 min read
SatoshiLabs, the pioneering innovator behind the world’s first hardware wallet, Trezor, today introduced the Vexl Foundation at the BTC Prague conference. Backed by SatoshiLabs’ co-founders, Marek Palatinus and Pavol Rusnák, and with Lea Petrášová, CEO of Vexl.it, appointed as president. The foundation champions personal and financial freedoms, asserting that without the freedom to transact, all other rights lose their meaning, reflecting bitcoin’s original purpose as a decentralized peer-to-peer currency.
The Vexl Foundation is committed to restoring financial power to the people, breaking free from institutional constraints and excessive regulations. It firmly believes that technology should serve as a tool for empowerment, not control, with everyone having the right to free choice, self-determination, and privacy. This stance is a critical response to KYC (Know Your Customer) practices that have introduced unwanted complexity and risk for users, occasionally leading to security breaches and unwanted exposure of precious private data.
Alongside its launch, the Vexl Foundation has released the Financial Tyranny Index (FTI). The FTI is a comprehensive tool that measures the extent of statist interventions in the financial space. These include parameters such as the growth of the money supply, the imposition of cash limits, the advent of Central Bank Digital Currencies (CBDCs), and the overall tax burden. Interestingly, the initial findings of the FTI reveal that many of the world’s Western democracies, including France, Belgium, Canada, and the Netherlands, are among the top 20 countries with the highest levels of financial state control. This innovative index is designed to challenge and highlight these escalating impositions on our financial freedom.
At the core of the Vexl Foundation’s mission is Vexl, their mobile app. Vexl provides a simple, private, and secure platform for peer-to-peer Bitcoin transactions, operating without KYC or institutional interference.
“Vexl isn’t just an application, it’s the embodiment of our vision for financial autonomy. We’re dedicated to a future where technology empowers, and financial freedom equates to choice, privacy, and control,”
states Lea Petrášová.
The board of the Vexl Foundation includes Lea Petrášová, Marek Palatinus, Pavol Rusnák, Josef Tětek, and Grafton Clark. This team brings together a diverse range of experiences and perspectives, underpinning the foundation’s mission and vision.
“As we journey further through the digital age, we’re witnessing a concerning centralization of control,”
Marek Slush Palatinus acknowledges.
“We need to revisit the principles bitcoin was founded upon to direct power back to individuals. The Vexl Foundation is our step towards that change.”
Open to collaboration with other organizations and individuals who share the vision of a free and open financial world, the Vexl Foundation launches today. Backed by donations and guided by the strategic wisdom of the SatoshiLabs team, the foundation is poised to inspire a significant shift in our perception and interaction with digital finance, inviting everyone to step into the realm of financial autonomy.
“Join us on this journey towards a more open financial world,”
For more details on this groundbreaking initiative, visit the Vexl Foundation’s website: https://www.vexl.foundation/
2 min read
New chip wrapper, produced by Trezor, improves device security and significantly shortens lead times for mass production
Trezor, the original bitcoin hardware wallet company by SatoshiLabs Group, has taken control of its silicon chip production by facilitating the manufacture of its own key component, the chip wrapper, in its flagship product, Trezor Model T.
The move dramatically optimizes device production by eliminating the reliance on third parties in the highly complex chip manufacturing supply chain.
Prior to taking control of this process, the global chip shortage has meant that Trezor, like most electronic device manufacturers, has been exposed to fluctuations in component availability that in turn is sensitive to a variety of factors including geopolitical disruption, labor shortages due to Covid 19 and even droughts that limit the supply of the pure water required in the manufacturing process.
Demand planning is also highly complex. Spikes occur in response to bear-to-bull market fluctuations. They have also followed the consumer interest in cryptocurrency self custody, a demand that was sparked by the high profile implosion of centralized exchanges like Celsius, FTX and BlockFi in Q3 2022. During the same period Trezor saw a 300 per cent increase in sales of its hardware wallets for example.
Whilst the same level of security is achieved by Trezor taking control of the wrapping process, the company has reduced lead times in the supply cycle from two years to several months. This is turn eliminates delays in shipping finished products and protects the consumer from exposure to price fluctuations based on component supply and demand.
”The twists and turns in demand for hardware wallets and the silicon supply chain disruption that we’ve seen over the past few years was a problem that we needed to solve. By unpacking the process, identifying areas where we could take control, and collaborating with our partner STMicroelectronics in new ways, we’ve managed to make the manufacturing as agile as it can be. This means we can respond quickly as the crypto currency market shows signs of recovery. It also adds more design freedom for future products, helping us to sustain our leadership in the increasingly competitive hardware wallet space.”
Štěpán Uherik, Chief Financial Officer at SatoshiLabs and Trezor
Last year, Tropic Square, a company also from the SatoshiLabs stable, launched TROPIC01, a secure open source chip that provides cryptographic key generation, encryption, signing, and authenticating users through digital identification methods.
"The chosen business model is very unique and can be applied in exceptional cases. Firstly, as a manufacturer, we require high minimum order quantities, and secondly, the customer must have specific know-how to encapsulate semiconductor components. We are very happy that there is a company like Trezor in the Czech Republic, with which we were able to successfully implement this project."
Tomáš Pokorný, Sales Manager at STMicroelectronics.
2 min read
Users can now safely and intuitively strengthen their bitcoin privacy within the Trezor environment
Trezor, the original bitcoin hardware wallet company, today rolled out the coinjoin feature for its devices allowing users to more easily enhance privacy and security on bitcoin transactions. Coinjoin is a process where users send their bitcoin as part of a large collaborative transaction and receive the same amount back, but with the transaction history obscured. Users’ balances and transaction history are then hard to track on the otherwise fully-transparent bitcoin blockchain. The feature is possible thanks to Trezor’s collaboration with Wasabi Wallet, the privacy-focused bitcoin wallet that specializes in coinjoin.
Trezor is the first and only hardware wallet to enable coinjoin transactions within a hardware wallet environment. The function is now live on Trezor Model T and Trezor plans to enable coinjoin for Model One in the near future. Coinjoin is the latest addition to a host of features found on Trezor devices for enhancing security and privacy, such as Tor, coin control, and Shamir backup.
Matěj Žák, CEO of Trezor, explained:
“Trezor values privacy as an individual’s most important asset. Consequently, we’re delighted that we’ve found a way for our community to keep their bitcoin history private. Our coinjoin solution in Trezor Suite is intuitive and safe, making bitcoin privacy more accessible to the general public.”
The coinjoin approach tackles a number of glaring privacy issues resulting from the inherent transparency of the bitcoin blockchain. For example, when people use exchanges, it’s easy to draw a link between their real-world identity and their bitcoin addresses. Exchanges can track user transactions even after they withdraw, and can share this data with third parties. Through obscuring transaction histories, coinjoin prevents such surveillance.
Secondly, coinjoin offers welcome additional protection when using bitcoin for purchases. Ordinarily, merchants receiving bitcoin payments can see the total balance of an address from which the payment was sent, which some people consider an unacceptable breach of privacy. With coinjoin, users can safely break up their bitcoin balance into small amounts with no transaction history so as to obscure their total balance, like swapping a large dollar note for smaller denominations.
A third coinjoin benefit is in safeguarding privacy for donations made using bitcoin. By default, all bitcoin transactions can be analyzed and in some cases, real-world identities can be linked. This can put non-governmental organizations and their donors in great danger, especially under authoritarian regimes. Coinjoin protects the transactions of donors and recipients, and therefore, improves the safety of organizations and their supporters.
Matěj Žák further elaborated:
“People who want to make private transactions can use cash without leaving any digital footprint, and without the need for the counterparty to store our identity. No one gets to see how much money they have left in their wallet or bank accounts. Trezor with coinjoin brings a similar level of privacy to bitcoin, with one click. The security of the process and ease of use help deliver privacy to a wider audience, which is one of the core values of the bitcoin community.”
“Making bitcoin privacy tools easy to use and secure is essential, as this is what drives people to use products, which increases the privacy for everyone. That’s why we see Trezor’s integration of coinjoin as such a major milestone. A coinjoin is inherently non-custodial, and now for the first time coinjoin transactions can be signed with the keys on a hardware wallet. This is a major security improvement,”
says Max Hillebrand, contributor to Wasabi Wallet and CEO of zkSNACKs. (zkSNACKs is the company sponsoring the development of Wasabi Wallet and operates the coinjoin coordinator)
How does it work?
With the Model T, Trezor users can now see a new coinjoin account type in their Trezor Suite, and simply click on the “anonymize” button. Users then choose the number of coinjoin rounds — with every round increasing the level of privacy — confirm their choices on the Trezor device, and then leave the Trezor connected with the Trezor Suite running. The rest of the coinjoin process is automated and requires no active user participation. The time needed to complete the coinjoin depends on the number of rounds - one round takes approximately 10 minutes. After completing the procedure, users will receive a confirmation dialogue with the transaction details. The fees for the transaction consist of the coordinator fee of 0.3% of the coinjoined amount and a network mining fee. The coordinator fee is paid just once, and for further remixes users pay only the mining fee.
For more information about coinjoin, please visit: https://trezor.io/learn/a/coinjoin-in-trezor-suite
Trezor is the independent Czech company behind the world's first Bitcoin hardware wallet, the Trezor One in 2014. Its flagship product, the Trezor Model T comes with a full-color touchscreen and many advanced features. Both wallets are open-source and enhanced by the free Trezor Suite app which increases privacy and makes crypto more intuitive.
About Wasabi Wallet
Reclaim your privacy with Wasabi Wallet, a free and open source bitcoin wallet with built-in coinjoin. Coinjoins are collaborative bitcoin transactions to enable cash-like privacy features for bitcoin. wasabiwallet.io