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Invity Launches Mobile App
August 16, 2023
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
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
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
Trezor, the original bitcoin hardware wallet company, has appointed Matěj Žák, formerly Chief Product Officer, as its new CEO. Žák takes over the leadership of Trezor from co-founder Marek “Slush” Palatinus, who will remain in the company, helping to guide the strategic, technical and visionary direction of the business. Žák will be focused on enhancing the overall usability of Trezor’s products to help stimulate wider crypto adoption, while ensuring the company is prepared to take full advantage of the next bull market.
Based in the crypto hotbed of Prague, Trezor is one of Europe’s leading tech brands and the second largest crypto hardware wallet in the world by sales. Following the recent collapse of crypto-exchange FTX, Trezor experienced a 300% uplift in sales. This increase in new users is expected to continue throughout 2023, as bitcoin and cryptocurrency holders increasingly lose trust in centralised exchanges and custodians, and look to self-custody their digital assets.
Žák joined Trezor in 2019 as Product Manager, and was promoted to become Trezor’s first Chief Product Officer in 2021 after his vast product development experience helped establish Trezor as the most user-friendly self-custody solution on the market. Žák was also responsible for the development of the market leading Trezor Suite software application, enabling Trezor device users to manage, buy and exchange their crypto in the most usable, secure and privacy-focused way.
Before joining Trezor, Žák co-founded and led startups like Flits.live (live streaming) and What the Hill (Prague e-bike sharing). He originally graduated from Berklee College of Music and, even though he is still an active musician, he has built a career developing innovative technologies. Bitcoin and crypto security soon became his main focus and making them accessible to the masses is his primary mission.
As CEO of Trezor Žák will continue his dedication to delivering ever greater usability enhancements for its products and services, while ensuring that the business is in the best possible position to ramp up for the next bull market.
Exiting CEO, Marek ‘Slush’ Palatinus will remain at the company he co-founded as an advisor - channelling his vision and wealth of experience to help guide the strategic and technical direction of the business.
“We’ve got an incredible team of people here at Trezor, whose expertise and dedication has helped create a legacy of industry leading crypto security products. Therefore, it’s an honour to be taking over the reins from Slush - who I've been able to learn so much from since joining the team four years ago.“
“As CEO, I’m looking forward to building on our existing innovations and creating more well designed and easy-to-use products that make keeping your cryptocurrencies as safe and easy as sending a text message.“
Matěj Žák, CPO at Trezor
“The events of the past 12 months have only served to reinforce the importance and value of self-custody for the safekeeping of cryptocurrencies. This new age of enlightenment feels like the perfect opportunity to strengthen and refocus the leadership of Trezor by appointing Matěj as Chief Executive, putting us in the best possible position to take full advantage of the next bull market. I’m excited to take on my new advisory role in the company as we look to cement Trezor’s market leadership position in the ever-growing hardware wallet sector.“
Slush, Co-founder of Trezor
2 min read
From the Genesis Stage of the Bitcoin 2022 conference, Invity.io, provider of the in-wallet trading platform for Trezor hardware wallets, and Swan Bitcoin, a prominent Bitcoin onramp, announced a new partnership to bring recurring, direct-to-custody Bitcoin purchases to Trezor wallets. Automated purchasing within a cold wallet is the most accessible way for non-technical users to start saving value with Bitcoin while maintaining personal control over their coins from the very beginning.
“The key to Bitcoin's future is to welcome people who are currently intimidated by cryptocurrencies. But we've found that new users continually worry over two things: finding the perfect time to enter the market and keeping their Bitcoin safe. This integration solves both”
Pavol "Stick" Rusnák, co-founder of Trezor Company.
“Bitcoin must be for everyone, especially in this age of runaway inflation. But not everyone is willing or able to contribute a lump sum to a new investment. By offering new users a straightforward way to buy Bitcoin in the amount they want and on their schedule, anyone can benefit from dollar-cost averaging while keeping their investment as secure as possible.”
Stephan Livera, Managing Director of Swan Bitcoin
Recurring Bitcoin purchases are facilitated by Invity, which integrated Swan Bitcoin's API into the free Trezor Suite app, the coin management platform for Trezor hardware wallets. In the Trezor Suite Trade section, a "Save into Bitcoin" button opens a specially designed minimalist interface in a click. Users then fine-tune the amount of Bitcoin to purchase and how often in a way that suits their personal budget. A linked bank account converts US dollars to Bitcoin automatically, and the purchased coins are sent directly to the user's non-custodial Trezor hardware wallet. This eliminates both exposure to vulnerable custodial solutions and manual, fee-incurring steps to move purchased coins to self-custody.
“Investing is a mental process for the long term and the only way to protect and build wealth over the long term. A completely self-managed asset like Bitcoin held on a hardware wallet is vital to creating an investment portfolio for the twenty-first century, and the meeting of our three companies makes this a reality for anyone”
Štěpán Uherík, CEO of Invity and CFO of Trezor.
Automated Bitcoin purchases powered by Swan Bitcoin and Invity will be enabled in the May 2022 update of the Trezor Suite. Swan is only available to people over eighteen years of age with a valid government ID and valid US bank account; this service is not available to residents of New York state. Invity is in talks to bring automated purchases to European users in the coming months.
About Swan Bitcoin
Swan Bitcoin is dedicated to helping the next billion people understand Bitcoin and what it represents for our future. Swan produces high quality Bitcoin education and takes pride in excellent, accessible customer service. Swan.com is the best way to accumulate Bitcoin with recurring and instant buys. The Private Client Services division helps high net worth individuals and entities build generational wealth around the world. Swan's Advisor Services platform is the easiest and most secure way for financial advisors to provide their clients with direct exposure to actual Bitcoin. For more information, visit Swan.com.
2 min read
Trezor, the first hardware wallet, was given a new desktop application in July 2021. It is now completely replacing the old Trezor Wallet interface, which will no longer be supported from the 31st of January. The new app is called Trezor Suite and it is a major improvement that helps secure users of cryptocurrencies against phishing attacks, one of the most burning problems of crypto security nowadays. SatoshiLabs recommends that all Trezor users download the Trezor Suite desktop app and start using the best tool for their long-term security.
Trezor Suite brings significant improvements
As Bitcoin evolves and the number of users grows, different use cases are emerging. That's why security is not just about having the right hardware but also making sure the software used for managing your crypto portfolio takes advantage of all the new capabilities of Bitcoin and doesn't expose you to online threats.
The new desktop application provides a safe and more private environment for managing cryptocurrencies that makes crypto more intuitive and easy to use - especially for those just starting out. Buying crypto from a reputable source directly from your Trezor has never been easier.
“Trezor Suite progressed, evolved and is now fully ready to take over Trezor Wallet with many new features and a complete redesign that improves our users' security and privacy. Switching from Trezor Wallet to Trezor Suite is smooth and easy - just download the Trezor Suite desktop app and enjoy a quick and easy onboarding.”
Matěj Žák, CPO at Trezor
Trezor Suite is packed with security and privacy features
Taking the wallet interface out of the browser environment eliminates the risk of phishing sites tricking users into revealing their seed or other critical information. A desktop app provides more robust protection with more powerful capabilities and reduces the number of mistakes or exploits that could result in someone losing their keys or coins.
Some of the cool features:
One of the first to support Taproot
The Bitcoin Taproot upgrade which was activated in November is already supported by Trezor Suite. This introduces some major changes to Bitcoin that build upon the SegWit upgrade of 2017, which enabled support for the Lightning network. Taproot is expected to have long-term effects on Bitcoin utility and adoption, and will see further advances in the coming years.
Decentralized exchange (DEX)
Buying, exchanging, and selling cryptocurrencies directly from your Trezor hardware wallet is made easy and secure by Invity, a SatoshiLabs company that lets you compare rates across verified exchanges to find the most competitive offers. Now, there is a new way to exchange crypto without KYC, thanks to Invity's integration of 1inch, a decentralized exchange built on the Ethereum network. When using the Trade section under your Ethereum account in Trezor Suite, users can now browse offers from the 1inch decentralized exchange alongside conventional exchanges.
Tor, a free and open-source network that reroutes internet traffic through many different servers, is available in Trezor Suite to prevent your ISP and others from tracking your internet activity. While Tor is quite technical, it has been made as simple as possible - at the click of a button - so all Trezor users can mask their connections.
When using a Trezor around other people, physical privacy becomes an issue. Showing off account balances — accidentally or otherwise — can lead to risk of extortion or harm. That's why there is a switch in Trezor that blurs out all sensitive data, so users can safely peek at their balances on mouse-over.
Trezor Suite provides a quick and easy onboarding that will make sure your wallet is properly set up and secured, even if you've never used a Bitcoin wallet before. Designed as an all-in-one interface, you can safely and easily manage cryptocurrencies and improve your privacy without needing to install additional apps or learn complex networking.
2 min read
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.
2 min read
Trezor Suite is a new desktop application from SatoshiLabs, producer of the original hardware wallet Trezor. This application complements the most secure way of storing cryptocurrencies and adds yet another layer to people's cryptocurrency experience.
Trezor has created many security features that have been adopted as the industry standards for safe handling of bitcoin. Trezor Suite is adding to this with its easy to use app that helps battle one of the most painful troubles out there - phishing attacks. Using a desktop application provides isolation from cloned sites and malicious links, and the software build can be independently verified unlike a website. Another benefit is that a desktop app is capable of implementing far more powerful features than its browser-based counterpart.
“We understand that using cryptocurrency every day makes people vulnerable to certain scams and attacks. An application on your desktop or mobile device that you have thoroughly checked and approved provides a good solution. But we wanted to do it right and also deliver features that empower hardware wallet users and bring them closer to the future of bitcoin use.”
Matěj Žák, Head of Product at SatoshiLabs
More on security: Trezor Suite: Security made simple
Usability for wider adoption
Trezor Suite's new design introduces an easy onboarding process for those new to hardware wallets and the app is complete with a convenient straight-to-custody exchange service from Invity.io. These and many other user-focused features make the whole experience of using bitcoin accessible to everybody. Being able to compare offers from many different exchanges when selling, buying or exchanging cryptocurrencies brings a new level of transparency, with the added benefit of each transaction being secured by Trezor, driving mass adoption and ensuring self-custody. The brand-new onboarding process in this public release of Trezor Suite makes sure new users understand all the key steps involved in securing their assets: it provides a walkthrough of creation and backup of recovery seeds, setting a strong PIN, and using passphrase effectively to segregate coins and protecting Trezors from physical attacks.
Along with the newly-introduced Learn & Discover reference manual, Trezor Suite is focused on making sure every user gets the most out of their hardware wallets while avoiding the costly mistakes many have made in the past.
More on usability: Trezor Suite: the easy way to use Bitcoin
Focus on privacy
Trezor Suite is the first hardware wallet application that offers advanced privacy features in a form that is easy for anyone to use. Privacy is often a secondary focus for those building on Bitcoin, as the priority is to ensure there is robust infrastructure in place for Bitcoin as sound money. To make it easier to protect one's identity, Trezor Suite packages privacy tools in a way that even non-technical users can take advantage of them. By downloading Trezor Suite, sophisticated features like the Tor switch, Locktime, Discreet mode, and more, can be turned on in a single click. With many other privacy features in development, Trezor Suite will help every cryptocurrency user offset the risks of losing control over their private data.
More on privacy: Trezor Suite: Privacy made easy
- Buy, Sell, and Exchange crypto with Invity.io - Connect to noncustodial exchange providers that offer the best rates, the most local payment methods, and the most effective support all in a single location. Invity's straightforward comparison tool allows users to buy, sell, exchange, and learn about digital currencies with ease so they never feel lost in the quickly changing world of crypto
- Anonymous mode via Tor - At the flick of a switch, benefit from an anonymized global network that will obscure your connection by relaying it through servers distributed around the world
- Dark mode - requested by community and delivered from Trezor with love
- Onboarding - making it quicker and easier to get started securely using your wallet
- Discrete mode - obscures sensitive data on-screen, so no one can peek over your shoulder
- RBF - replace by fee for Bitcoin transactions allows users to increase the fee of transactions even if it was already broadcast
- Bitcoin full node
- Mobile App
- Recurring buy crypto savings account
2 min read
Czech startup Tropic Square, which is part of SatoshiLabs Group, are planning to finalize development and start testing the first fully transparent and auditable security chip in the world. To introduce this idea to market, the company received investment of 4 million euros from swiss-based investment company Auzera. The chip, code named TASSIC (Transparent Authenticated Secure Storage Integrated Circuit), is expected to be introduced by the end of 2022, and it is already clear that it will be used in one of the most popular crypto hardware wallets Trezor, also made by SatoshiLabs.
“The initial motivation for the whole project was the need for a microprocessor solution for Trezor. However, thanks to the closed source settings of the chip manufacturers, we couldn't find an ideal solution. Although the community has asked for a so-called secure element, a chip that is inherently designed to prevent unauthorized access and protect cryptographic or confidential data, it would not be the right, most secure solution, due to non-transparency. So we took on the development of a transparent secure chip ourselves and believe that the next model of the Trezor will have an open source chip from Tropic Square. At the same time, we believe that this revolutionary chip can succeed outside the realm of cryptocurrencies. With this particular chip, we are heading for a market which was worth over 3 billion dollars in 2018”
Marek Palatinus, CEO of SatoshiLabs
Open source as a path to innovation
Open source is a way for Tropic Square to ensure the security of its chips. Like many other technology companies, this follows a trend that brings faster innovation through the community and reduces reliance on third-party know-how. The startup works on the assumption that the traditional closed-source approach hides drawbacks by closing itself off from the world, where small, closed teams work on their development and the resulting implementation cannot be verified by the chip user. Manufacturers of specialist security chips force their clients to sign NDA contracts. If its user discovers a problem, it is not possible to simply publish the finding, and thus warn about the possibility of a security risk.
The long list of known security issues clearly shows that chip design is another area of technology that needs to be opened for innovation. The goal of Tropic Square is to bring secure chips to market as a solution that is focused on the user and the end product.
”We believe that transparency, collaboration and, to a large extent, the community can significantly shift the technology world. The global reach and feedback from users themselves unlocks vast potential for innovation and to achieve what was previously unthinkable. Thanks to this investment, we can now focus fully on the development and technological solution itself, without having to worry about finances. Alongside that, our team is growing and we are always looking for talented and experienced people, not only for technical positions. In cooperation with DEPO Ventures, we are also open to angel investors who would leverage their know-how to accelerate the fulfillment of our goals in the business area as well,” adds Evžen Englberth, co-founder and CEO of Tropic Square.
As for the TASSIC chip itself, experts from all over the world can participate in its development and testing. There is already a forum open to the professional public, where discussions related to the chip's own development take place. At the same time, Tropic Square is still looking for talent in the areas of chip design, open source silicon, and security, to help with development.
Physical resilience and encryption are critical to security
The development of a common chip, where a single function is addressed, is already a complex undertaking. With the TASSIC chip, great emphasis is also placed on the method of its design and subsequent implementation, so the chip meets the high demands for physical security and resistance to attacks. Physical resilience and encryption are key features for a robust chip solution that securely generates and stores cryptographic keys and sensitive data. Moving these processes from software to specialized chips increases the security of the electronic device as a whole.
The company first announced its intention to create the chip in May last year. The nine- member team is led by co-founders Evžen Englberth (CEO) and Jan Pleskač (CTO).
In addition to new products, TASSIC is also a suitable solution for improving the security of existing products. It is designed to connect to common microprocessors or FPGA circuits using standard serial protocols or a MicroSD card. Using the TASSIC chip as a security extension to a non-secure controller and firmware creates a foundation for building secure systems.
Tropic Square is working on a solution that will bring security algorithms to market in an auditable implementation, i.e. a solution that will be controllable and, thanks to the open source system, will be accessible to the professional community. With the TASSIC chip, it will be possible to verify that it has been manufactured exactly according to design, and thus that there has been no modification or addition of an implant in the supply chain (generally referred to as supply chain attack). Thanks to the focus on solving the most basic needs of digital security, chip will find applications especially where the emphasis is on real security, unique device identity, cryptographically strong communication and authentication. This applies, for example, to the fields of IoT, Industry 4.0 and in special applications requiring transparency and real knowledge of chip implementation. There is also market potential in the area of common consumer electronics, where draft legislation imposes new requirements for secure storage of data in electronic devices.
More about Tropic Square
Tropic Square s.r.o. is a private company founded in 2020 in response to the lack of secure element chips based on open architecture. Its goal is to bring customers a fully auditable chip that will meet high security requirements and at the same time be verifiable by anyone thanks to its transparency and open source philosophy. The first generation of the secure chip is currently being developed under the working name TASSIC. More information at tropicsquare.com.