Even the global COVID-19 pandemic over the past two years has not stopped the continued interest in Bitcoin. Bitcoin is increasingly becoming an investment object for many small investors. So far, the step into the crypto world has not been easy for these small investors, mainly because of the high technical requirements and also the protection of their own crypto assets, which required an advanced understanding of the technology behind.
Buying Bitcoin and a secure cold wallet storage simply via online banking
This fact is changing for all customers of the German bank “Raiffeisen Volksbank Bayern Mitte”. After an extensive pilot and test phase, the German bank is now officially offering the proven Bitcoin cold wallet solution “chainlock” of the Austrian State Printing House (OSD) to their customers as an easy and highly secure storage for their Bitcoin. All customers of Volksbank Raiffeisenbank Bayern Mitte can buy and trade Bitcoin directly via online banking. For a secure storage, the bank also offers OSDs cold wallet solution under the name “VR-BitcoinGoCard”.
Innovative cold wallet infused with high security know how
The new “VR-BitcoinGoCard” relies on maximum security and on the know how of more than 200 years of high security document printing. “Our cold wallet has the shape of a common credit card and is manufactured in the specially protected high security area of OSD – the same high-security area in which Austrian passports, driver’s licenses and other high-security documents are produced,” explains OSD Managing Director Lukas Praml. In addition, the card relies on many security features that are also used on official ID documents such as a passport or driver’s license. In addition to holograms, optically variable image elements (a so-called “DOVID”) and microprinting, each cold wallet is also protected by UV printing and hardened against physical manipulation by a special high security film. Additionally, all users are instructed to check their received cold wallet by following an easy step-by-step guide offered via smartphone app. This way, users can be assured that no physical manipulation of the card has taken place and all digital values stored on it are completely secured.
Maximum protection in credit card format
The production in the high-security area takes place completely offline. “All of our staff at OSD are constantly subjected to security checks. Nobody, no even our staff, have any insight into the central part of the cold wallet, the so-called “private key”, says Praml, explaining the extensive security precautions. With the “VR-BitcoinGoCard” all customers of “Volksbank Raiffeisenbank Bayern Mitte” receive a maximum security cold wallet in credit card format. The card acts as a true cold wallet without needing electricity, updates or any particular transfer technology standard. This makes it ideal as a long term storage, especially when put into a safe or locker. The respective Bitcoin value in FIAT currencies such as euros or dollars can be viewed at any time using a practical smartphone app. Only when the owner wants to sell their own Bitcoins or transfer them to another wallet, they reveal their “private key” on the “VR-BitcoinGoCard” by scrubbing off the high security film. The extensive security measures of OSD ensure that only at that point, the protected “private key” becomes visible to a person for the first time.
For more information about “chainlock”, the underlying principles and the technology behind, visit https://youniqx.com/en/chainlock-cold-offline-wallet/
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picture copyright: Volksbank Raiffeisenbank Bayern Mitte eG / OSD