Swiss luxury watchmaker A. Favre & Fils is reportedly working on a timepiece that will feature a built-in crypto wallet. Local media agency, swissinfo.ch reported about the news last week on Thursday updating that the timepiece will be able to store cryptocurrencies with the help of built-in crypto wallet.
A. Favre & Fils traces its history back to 1718 and labeled as one of the oldest luxury watchmakers in Switzerland. According to the company, the watch will have “state of the art proprietary security solution” and crypto “cold wallet” based on the blockchain technology.
Laurent Favre, CEO of A. Favre & Fils mentioned in a statement that “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.”
One of the company representatives upon revealing the price of the watch mentioned that depending upon the watch model and its materials and features, the watch will range CHF100,000 – CHF150,000 (or $102,000 – $153,000).
The company mentioned that the watch will “guarantee ultimate in-data security and privacy protection” and its first prototype will be released no earlier than this year’s spring. Apart from that, the buyers of the watch will be able to purchase this watch by making payment in cryptocurrencies as well.
Favre while updating the local media agency SWI swissinfo.ch mentioned “It’s a bit like figuring out the future of steam engines in the age of electric trains. You have to keep adding relevant features that advance the design.”
It is also expected that the manufacturers of the luxury watch will develop and add several security features in the watch to remain on the safe side if in case the watch is lost or stolen. However, as of now, the company hasn’t revealed any such feature.