Swiss Watchmaker Develops $100K Timepiece with Built-In Crypto Wallet
Swiss luxury watchmaker A. Favre & Fils is working on a timepiece that will include a cryptocurrency wallet.
Swiss-based watchmaker A. Favre & Fils is developing a luxury timepiece that would be able to store cryptocurrencies, local media agency swissinfo.ch reported on Thursday. The company traces its history back to 1718 and can be viewed as one of the oldest watchmakers in Switzerland. It intends to build a new form of digital wallet that would have mechanical elements integrated. The crypto watch would combine the current technology behind digital assets with Switzerland’s traditional craft. The cost of one unit will range between $102,000 and $153,000.
Laurent Favre, founder and CEO of A. Favre & Fils, told the media that the company planned to make the mechanical watch relevant with the current age, which is dominated by innovative technologies. Favre wants to integrate the current trends into his watches to stay competitive. About four decades ago, his family’s business, along with the entire traditional Swiss watch market, was threatened by the growing Japanese quartz watch industry. For the current CEO, the lesson was learned, so he wants to adjust to current trends. He commented:
“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.”
The luxury watches will be available for purchase no earlier than this spring. Buyers will be able to pay in cryptocurrencies as well.
Manufacturers will develop several safety measures in case the watch is stolen or lost, though Favre didn’t reveal any specific features.
Behind the crypto wallet adoption, Favre is also thinking about implementing distributed ledger technology (DLT) for various use cases, including tokenizing company shares.
In November of last year, Hublot, another Swiss watchmaker, presented its exclusive watch with a Bitcoin-related design. The watch costs about $25,000 can be purchased in BTC only.