A. Favre & Fils, a Swiss luxury watch maker with 300-year history, said Thursday it has conceived of the first Swiss handcrafted mechanical timepiece that stores crypto-currencies in a “cold wallet” and a state-of-the-art security solution.
The new watch incorporates Blockchain technology and proprietary security expertise to guarantee ultimate in-data security and privacy protection.
“By doing so, the company merges 300 years of fine watchmaking ‘savoir-faire’ and innovation bringing together the worlds of fine horology, mechatronics, and cryptology in a unique next-generation timepiece,” the company said in a statement on its website.
The base of the device is a finely-made watchmaking timepiece, hand-finished and equipped with an in-house manually wound mechanical movement.
Laurent Favre, the 10th generation of the watchmaking family that started in 1718, and who revived its tradition in 2008, said the creation is not a gimmick.
“We have developed this first timepiece with the idea of offering something useful for the crypto-community, not simply something to spend their money on,” he said.
Favre, told swissinfo.ch, the website of the Swiss national broadcaster that the family firm almost failed in the late 1970s when Japanese quartz watches threatened to wipe out the traditional Swiss watch industry.
“It’s a bit like figuring out the future of steam engines in the age of electric trains,” he said. “You have to keep adding relevant features that advance the design.”