The maker of crypto hardware wallets, Trezor, announced its intention to take control of the process by manufacturing its own silicon chips for its wallet chips. According to the company, the newly created “chip wrapper” will significantly reduce lead times for mass production while improving device security.
Trezor Steps Up Security Game by Developing Its Own Silicon Chip
The Trezor cryptocurrency hardware wallet business, based in Prague, announced on February 27, 2023, that it is now in charge of its own silicon chip manufacturing process. Trezor CFO Trezor Štěpán Uherik claims that the new “chip wrapper” allows the company more creative freedom for upcoming products. Last year, Satoshi Labs, the parent company of Trezor, disclosed its support for Tropic Square, a firm developing an open-source silicon chip named “TROPIC01” for use in hardware wallets for cryptocurrencies.
The new chip-making procedure dramatically improves security by eliminating third-party chipmakers and associated risks. In addition, Trezor stated that it would drastically shorten lead times by circumventing supply chain constraints. Uherik highlighted further in a press release that it is cooperating with Stmicroelectronics, a maker of microcontrollers and semiconductor technology.
According to Trezor’s CFO, After unpacking the process, identifying areas for control, and engaging in an innovative collaboration with their partner Stmicroelectronics, Trezor has successfully achieved highly agile manufacturing. This increased agility will enable them to respond to market changes in the cryptocurrency industry rapidly. Moreover, the enhanced design freedom resulting from this move will contribute to Trezor’s continued leadership in the highly competitive hardware wallet space.
After the demise of FTX, hardware wallets have been in high demand as crypto aficionados have shifted billions of dollars worth of crypto assets from centralized trading platforms. In addition, a number of firms have introduced new hardware wallet models, including the Ledger Stax, a device built by Tony Fadell, the inventor of the iPod. Also, the decentralized exchange aggregation service 1inch Network has introduced a hardware wallet, while Coinkite has released a new product called the Coldcard Q1.
Trezor’s newly designed chips will be integrated into the Trezor Model T hardware wallet. Trezor initially announced its Tropic Square project and intent to assume chip production on May 11, 2020. The Covid-19 outbreak disrupted supply chains, particularly in the silicon chip industry. Uherik noted in a Monday announcement that the company needs to meet the demand for hardware wallets and supply chain disruptions in the semiconductor industry.