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There has been a rising concern with the popularity of crypto trading, such as stolen phones and apps riddled with spyware. The only secure option is to separate the cryptocurrency wallet from the internet altogether, which is where the Ellipal “The Cold Wallet 2.0.” comes in. The device claims to be the safest hardware cryptowallet. In this review we will determine if that really is true.
Introduction
Ellipal, also known as elliptic curve cryptography + pal, is a new generation cryptowallet, which is probably a better and less fiddly option than the Trezor. It operates offline and has the tendency to protect against any potential network attacks. Ellipal is an affable choice for those users who are looking for a substantial, secure and good-looking device, with a good interface that allows them to store a private key in the cryptowallet by either creating it or importing it.
Ellipal | The Company
There is not much information on the company on its official website as Ellipal is a privately held enterprise, which was established in 2017 and is based in Hong Kong. There is also little information about the founders, which raises some questions.
Ellipal Device at First Glance
It has no wired connectivity and uses the camera to scan QR code for communication. For just $149, Ellipal keeps the Bitcoins offline by keeping the private key secure, therefore making them unavailable for hackers. Due to its remote functioning, it is isolated from any web-connected device. Ellipal’s source code is open partially with a Github availability that shows a cross-chain wallet framework. The device at first glance is bigger than Ledger and Nano X and has a plasticky body.
The mobile app that functions with the device is relatively well built with a seamless setup process with a password protection on the account. Unlike other hardware wallets that connect to the PC to recharge, Ellipal comes with a micro USB cable with in internal rechargeable battery. As a product, Ellipal is a stellar specimen of a hardware wallet.
Compatibility
The Ellipal crypto wallet supports a limited number of coins but most coins that are supported by the device are the most robust and popular ones such as BTC, BCH, ETC, ETH, XRP, LTC and many more. Although the number of coins is limited, new ones are being added every month by the manufacturer and their security is well provided for. ERC20 tokens are also compatible with the device now.
Features and Services
Internet Isolated storage is perhaps the best feature of the Ellipal cold wallet. It will reject any attempts of connecting it to the internet, which is essentially the key to absolute security and keeping a user’s private key secure. It is not compatible with 4G, Wi-Fi, Bluetooth or USB.
Ellipal works with iOS and Android without a hitch with companion apps that allows the user to manage their accounts, update real-time crypto-trading and market information as well as connection to most exchanges through your smartphone. This all-inclusive app requires a 2-tier verification process to access the wallet that initiates the transaction without sacrificing operation convenience or security.
The Ellipal wallet has a user-friendly 4-inch touchscreen that ensures better interface and usability, essential for managing assets visually as well as manually. It allows user to avoid any maloperation or the need to repeat annoying steps while managing and exchanging crypto assets. Ellipal also features fast recovery options and auto-wiping option that will clear all data if the device discovers a security breach. That data can then be restored easily on another Ellipal device by using 12-word mnemonics.
Is It Worth It?
Ellipal is a handheld electronic device with a sole purpose of keeping your cryptocurrency safe even when it is plugged into a computer with suspicious malware. It is built with security in mind by providing an offline operating environment with secure private keys. All in all, it is a useful device with a nice hardware and seamless software and app.