At BTC Prague 2024, Trezor, a leading crypto hardware wallet manufacturer, announced the launch of its latest offerings designed to bolster self-custody of digital assets. The new products include the Trezor Safe 5 hardware wallet, a bitcoin-only version, and the "Trezor Expert" onboarding service.

The Trezor Safe 5 is engineered to securely store, manage, stake, and utilize thousands of cryptocurrencies, all accessible through the Trezor Suite desktop and mobile applications. Featuring a larger color touchscreen with haptic feedback and a new secure element for enhanced cryptographic operations, the device also introduces an upgraded 20-word backup process. According to a statement shared with The Block, the device is open-source, allowing for community-based auditing which can expedite vulnerability identification and resolution.

Unlike its competitor Ledger, Trezor's open-source approach is praised for its transparency but criticized for potential security risks if devices are stolen. However, the Trezor Safe 5’s secure element boasts an EAL 6+ certification, ensuring it can withstand sophisticated attacks.

The new backup process utilizes Shamir's secret sharing to divide the master secret key into multiple unique shares, offering improved security with no single point of failure. This advanced multi-share backup allows users to determine the number of shares needed to restore their wallet, providing access to their crypto even if some shares are lost.

In addition to software enhancements, Trezor is also introducing a 20-word version of its Trezor Keep Metal solution to protect backup phrases from physical damage. Despite these advancements, the device will continue to support legacy backup processes.

Expanding Product Line and Market Reach

"The crypto community's trust in exchanges has been wavering, prompting a need for secure and user-friendly self-custody solutions," said Trezor CEO Matěj Žák. "While many hardware wallets are designed for 'hodling,' the Trezor Safe 5 aims to combine everyday utility with top-notch security and usability."

The Trezor Safe 5, priced at $169, is available in Bitcoin-only and Black Graphite versions on pre-order, with shipments starting in July. Additional versions in Green Beryl and Violet Ore will be available by mid-August. This new device builds on the Trezor Safe 3, launched in October 2023, which was primarily targeted at crypto newcomers to promote self-custody.

Unlike the limited edition of 2,013 devices for the bitcoin-only Trezor Safe 3, Trezor will now offer an unlimited edition of the orange shade bitcoin-only Trezor Safe 3 and Trezor Safe 5 for general sale.

Personalized Onboarding with Trezor Expert

To complement its new hardware, Trezor introduced "Trezor Expert," a personalized, one-on-one onboarding service priced at $99. This service aims to provide users with expert guidance on setting up and using Trezor's cold-storage devices. Available globally seven days a week, the service ensures that only the customer knows the wallet backup and other sensitive information.

"For many, the crypto journey begins on centralized exchanges before transitioning to self-custody," Žák explained. "We often see a spike in hardware wallet sales following the collapse of high-profile exchanges. However, newcomers can struggle with the initial setup. Trezor Expert offers not only technical setup assistance but also education on security practices, private key management, and safe online behaviors."

With these new products and services, Trezor aims to make self-custody more accessible and secure for a broader range of cryptocurrency users, enhancing confidence and safety in managing digital assets.