KeepKey

KeepKey is a multi-currency hardware wallet for storing cryptocurrencies.

About KeepKey

KeepKey, a hardware wallet company, was founded by Darin Stanshfeld in 2015. The headquarters were located in the United States. During its first year as an independent company, KeepKey managed to raise impressive capital and acquired Bitcoin wallet Multibit in 2016. In 2017, KeepKey was acquired by the Shapeshift exchange. Shapeshift's CEO is Erik Voorhees and is headquartered in Switzerland. As part of the deal, KeepKey retained the brand and product line. Darin retained his position as CEO of KeepKey.

Shapeshift was founded in 2014 by Erik Voorhees amid the collapse of Japanese exchange Mt. Gox. By the way, Darin Stanchfield also created the KeepKey wallet as a response to the Mt. Gox hack.

Products

KeepKey is known for its hardware wallet under the same name. The attractive design of the device is perfectly combined with durability, security, and functionality. A small but convenient screen allows you to view the number of stored coins, storage history and transactions.

Source and Copyright © KeepKey

Measuring 38 x 93.5 x 12.2 mm, the device has a heavy-duty casing that should help it withstand physical impacts. KeepKey also has the largest screen, with an OLED screen measuring 256 × 64 mm and a diagonal of 3.12 inches. The screen is protected by a special protective film, but it is still easy to scratch. Nevertheless, it does not affect the performance of the device.

An additional level of security is provided by the need to confirm each transaction within the wallet. The user can also customize the speed of the transaction.

An interesting feature of the wallet, which expands the possibilities of using the device, is possible because of the ShapeShift integration. It gives users access to the exchange's functionality through the use of a separate application.

Another difference between KeepKey and its competitors on the market is that there is only one model of the device. This solution eliminates the problem of choosing the best product of the company.

KeepKey wallet features

• Offline cryptocurrency storage and backups
• Dapp Store, which provides access to decentralized lending, issuance of stablecoins. Liquidity pools are also available.
• Ability to exchange thousands of cryptocurrencies through decentralized applications integrated into the wallet.
• Ability to send and receive cryptocurrencies from other users.

How to set up the KeepKey wallet

1. To start using the new KeepKey hardware wallet, you need to set it up:
2. Go to the official website and download the KeepKey client that matches your Operating System. Install it on your computer.
3. Use the included USB cable to connect the device to your computer.
4. Unplug the device, hold down the button on KeepKey and plug it back in. This is how you will update your device.
5. Create a recovery phrase and write out 12 words on paper.
6. Your device is now ready for use.

How to make a transaction in KeepKey wallet

1. To make transactions with KeepKey wallet you need to:
2. Connect your device to your computer and open KeepKey Client.
3. Select the desired cryptocurrency from the list of supported cryptocurrencies on the left side of the screen.
4. Click on the Receive tab and copy the cryptocurrency address displayed on the screen. You can also scan the QR code.
5. Provide this address to the sender and wait for the transaction to be confirmed on the blockchain.

KeepKey wallet security features

KeepKey is one of the most secure wallets on the market due to the following features:

• Private Keys: Stored on the device itself.
• PIN: Eliminates the possibility of unauthorized access by hackers and other intruders to the user's device.
• Recovery Phrase: Consists of 12 words and is generated at the initial stage of wallet setup.
• Password: Additional word to existing recovery sentences.

KeepKey supported coins

KeepKey was designed to be a hardware wallet that supports Bitcoin. However, by now the wallet supports cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, Bitcoin Gold, Dash, and over 40 ERC-20 tokens, as well as 348 blockchain networks.

The community plays a huge role in integrating new coins. To do so, they need to fill out an application requesting to add the assets they are interested in.

Comparing KeepKey with its competitors

KeepKey is less ergonomic than its competitors. KeepKey also lacks the locking feature of its competitors, which increases the risk of asset theft.

Despite the superiority of its competitors, KeepKey is a convenient and affordable, and most importantly safe wallet that is also suitable for beginners. KeepKey is not the cheapest option on the market, but the price and quality match each other.

Pros and cons of KeepKey wallet

Pros

• The wallet is convenient for beginners.
• Support for popular coins and blockchain networks.
• High degree of protection.
• Easy backup and restore.
• Innovative touch screen.
• Compatible with popular software wallets.
• Integration with decentralized exchanges.

Cons

• Relatively high price.
• No Bluetooth connectivity.
• Limited third-party integrations.
• No touch screen.

Investment

In March 2015, Shapeshift received a $525,000 seed stage investment from Roger Vera and Barry Silbert. By September 2015, $1.6 million had been raised from Digital Currency Group, Bitfinex, Bitcoin Capital, and Mardal Investments. In March 2017, ShapeShift raised $10.4 million from U.S. and international venture capital firms. The lead investor was Earlybird Venture Capital, with additional funding provided by Lakestar, Access Venture Partners, Pantera Capital and Blockchain Capital.

Useful links

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