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Trezor Enhances Self-Custody with New Onboarding Service and Advanced Hardware Wallet

ByDayne Lee

Jun 17, 2024

Trezor Enhances Self-Custody with New Onboarding Service and Advanced Hardware Wallet

Leading hardware cryptocurrency wallet provider Trezor is tackling the challenge of crypto usability by introducing Trezor Expert, a personalized onboarding service, and unveiling its latest hardware wallet, the Trezor Safe 5.

On June 14, Trezor officially launched Trezor Expert, a one-on-one onboarding service designed to help users navigate the complexities of self-custody in the cryptocurrency world. Announced by Trezor CEO Matej Zak at the BTC Prague 2024 event, this service aims to provide new users with the essential knowledge and confidence needed to manage their own crypto assets securely.

Trezor Expert addresses one of the critical pillars of cryptocurrency growth: usability. Self-custodial wallets, unlike custodial ones like Coinbase Wallet, require users to understand the basics of managing their private keys. In return, users gain full control and ownership of their digital assets without relying on third parties. Trezor Expert sessions, priced at $99, are available for purchase on the Trezor website.

FeatureCustodial Wallet (e.g., Coinbase)Self-Custodial Wallet (e.g., Trezor)
ControlThird party holds private keysUser holds private keys
SecurityDependent on provider’s securityUser manages security
UsabilityGenerally easier for beginnersRequires understanding of key management
OwnershipUser does not have direct controlUser has full control

Empowering Users with Trezor Expert

Trezor Expert aims to ease the concerns of users who may be apprehensive about managing their own private keys and making mistakes. The service provides personalized guidance to help users set up their hardware wallets correctly and understand critical aspects of self-custody, such as private key management and safe online practices.

Trezor Expert not only helps our customers to set up their hardware wallets correctly, but it also gives them the opportunity to explore the security considerations of self-custody in more detail as they cover topics such as private key management and safe online practices,” said Zak.

Zak also shared that the idea for Trezor Expert had been in development for three years, with the company finally finding the capacity and resources to launch it this year.

Introduction of Trezor Safe 5

In addition to the Trezor Expert service, Trezor announced the release of its latest hardware wallet, the Trezor Safe 5. This new device is designed to cater to users seeking the highest levels of security and user-friendly features. It includes a range of advanced security enhancements, such as an EAL 6+ certified secure element, a color touchscreen, and the Trezor Touch haptic engine.

One of the standout features of the Trezor Safe 5 is its new recovery seed backup process. Unlike the traditional 12 or 24-word seed phrases, the Safe 5 uses a 20-word process and incorporates an advanced multi-share Shamir backup system. This method distributes several private key shares, providing a secure way to access the wallet even if the primary key is lost.

FeatureTrezor Safe 5Trezor Model TTrezor Model One
Secure ElementEAL 6+ certifiedNot specifiedNot specified
ScreenColor touchscreen with haptic feedbackColor touchscreenMonochrome screen
Backup Method20-word Shamir multi-share backup12/24-word seed phrase12/24-word seed phrase
Security LevelHighest availableHighBasic

Diverse Product Line for Different Users

The Trezor Safe 5 is the latest addition to Trezor’s range of hardware wallets, which includes the Trezor Model One, Trezor Model T, and Trezor Safe 3. Each product is tailored to meet the needs of different user segments, from beginners to advanced users seeking maximum security.

According to Zak, the Trezor Safe 5 is designed for users who prioritize top-tier security combined with ease of use, making it an ideal choice for everyday utility. It is now available for preorder at a retail price of $169.

In response to the growing demand for Bitcoin-only solutions, Trezor also introduced new Bitcoin-only versions of the Trezor Safe 3 and Trezor Safe 5. These versions exclude non-Bitcoin features and code, catering specifically to Bitcoin maximalists.

Zak emphasized that the Bitcoin-only devices do not differ in security from those supporting multiple cryptocurrencies. However, they cater to users who prefer not to have other digital assets integrated into their wallets.

The security is the same because we really make sure all the devices are extremely secure. I think the only difference might be that Bitcoin maximalists don’t want to see other crap on their wallets,” Zak stated.

With the launch of Trezor Expert and the introduction of the Trezor Safe 5, Trezor is significantly enhancing the user experience for those entering the world of cryptocurrency self-custody. By offering personalized onboarding and cutting-edge hardware solutions, Trezor is addressing critical concerns about usability and security, helping users navigate the complexities of managing their digital assets. As the landscape of digital finance continues to evolve, Trezor’s innovations are setting new standards for how users interact with and protect their crypto holdings.

Featured image credit: Freepik

Dayne Lee

With a foundation in financial day trading, I transitioned to my current role as an editor, where I prioritize accuracy and reader engagement in our content. I excel in collaborating with writers to ensure top-quality news coverage. This shift from finance to journalism has been both challenging and rewarding, driving my commitment to editorial excellence.

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