Michael Ou on CoolBitX’s mobile hardware wallet for crypto

0:02I'm Ashen Addison from event chain for investment pitch media and fintech News Network and today on blockchain interviews we have Michael O the CEO of coolbit X Michael it's a pleasure to see you today and thank you so much for coming on the show and taking the time well thank you ashon for having me you're very welcome uh so let's jump into the cool wallet s your guys'

0:25Hardware wallet could you give us an overview of the wallet and you know for those Everyday People that are either just getting into cryptocurrency or they are familiar with it you know what's so cool about the cool wallet okay thank you for asking um first of all I would like to uh explain why we call ourselves cool wallet uh it's not just because we think we are

0:47cool although some people say we are but it's more like uh we are having the both the advantages of uh cold storage and hot wallets so with hot wallets typically it's software wallets it's either smartphone app or a desktop software or cloudbased uh wallet uh it's extremely easy to use free to download typically you can set up the whole

1:14wallet within uh one two minutes and however uh the um traditional concern of such uh category is security because um hot wallets typically store private Keys Within in the um Internet connected environment which can potentially be uh dangerous and on the other side the um Cod storage uh the traditional ones with

1:42the USB interface uh that require USB cable and a laptop they serve a fundamental purpose of securing your private kees offline very well however we think um come on we are you know 2019 now and people are on their smartphone all the time and not on their laptop most of the time I mean probably I'm the only person within 100

2:13meters that cares my laptop on the street however yeah and we we we we are on the path to um to bring crypto to uh mainstream population so we have to provide uh crypto infrastructure that's both easy to use and secure MH that's why we created our wallet cool wallet that has

2:42the ease of use of a hot wallet but the security of a cold wallet so we call ourselves something between the cool wallet that that makes a lot of sense now and that's great because it actually does bring awareness to cold storage and how people need to protect their own funds right and when I first saw a cool wallet back in 2018 I got super excited I actually bought one I do have one with

3:06me right here uh with some you know coins on it and one thing that I love about this compared to the other wallets is that it you know it's the size of a credit card and the other ones uh that I've used in the past and I still have them they they don't fit in your actual wallet you know if you want to carry around funds with you um which is is interesting so I really do like it for

3:27that reason um so and I know that it's a great thing a use for storing coins but do you guys I know you guys have some other services that are attached to that like portfolio management and things like that you know more than just storing coins what is cool wallet providing to these end users okay so kallet uh serves with uh deposit withdrawal function very basic

3:53and also um Co coin to coin swap so by integrating with the service of changing we allow our users to you know change their exchange their uh for example Bitcoin to xrp uh within a few seconds so a very uh typical scenario we've seen in the past few years is um you know I let's say I store uh 100 ethereum on my

4:22wallet uh and I was out for lunch and then I was checking the um um crypto prices index uh during lunch and all of a sudden I think oh man it's a good time I should get some of my ethereum into let's say Litecoin or Bitcoin uh to to either U um hedge the risk or to get profit but if we don't have such

4:51function what we'll have to do is we'll have to withdraw the U crypto out of my wallet and uh send it to exchange let's say binance and then during that time price May fluctuate I may lose a good opportunity and also I I'll have to leave the wallet page I have to go to another third party exchange website and do all that

5:20process um that entire trade may take up to uh 20 30 minutes yeah yeah so the the use case we are trying to improvise is such uh daytoday on thego trading process that's great yeah no and you know I can tell and vote for that firsthand if you want to make a trade from a cold storage wallet traditionally

5:48sending to The Exchange not only are you paying the deposit and withdrawal fees from that exchange they have to wait for you know uh a longer amount of confirmations which can be you know up to an hour or something so that makes total sense to be able to Pivot and and build that exchange essentially into a cold storage wallet that although the they're in Cold Storage you can you know

6:09you can make trades so I could see how that would have huge advantages to it now I picked one of these up in in 2018 but you know when was the cool wallet first released and what does your guys sale volume look like in terms of units okay so our company started since 2014 and we roll out our first generation kall in 2015 and in 2017 uh we um launched

6:36our second generation we call kual S the difference is the first generation only supported Bitcoin and the second generation supports multiple coins it supports uh Bitcoin ethereum Litecoin xrp uh Zen cash Bitcoin cash and all of the erc20 tokens now and more and more are coming up and so far we've sold over uh 150,000 units worldwide wow that's great and and how do you guys compete

7:06with you know the major players being treaser and Ledger having all these models and I'm sure they're doing a lot of marketing you know what's your guys' strategy to compete as to be one of the top Hardware wallets so I I think we don't compare in marketing uh we don't compete in marketing we compete in the differences in the uh product uh features so for

7:28example we have critical size device that's extremely easy to carry around and also it's a Bluetooth device that's uh easily working with your smartphones so uh I think by Nature it positions itself very differently from other USB based wallet because we are serving the smartphone user Market instead of the jally laptop user Market definitely yeah I can see how you guys are more

7:55Innovative in that there a it's a big mobile first experience that's needed and from my experience it's pretty weak on the even the wallets that aren't Cold Storage right now there's not too many options uh in Mobile so that's great so for 2019 then are you guys mainly just focused on increasing sales or do you guys have other research and development

8:15and new models coming out you know what does your guys road map look like for the next six months uh good question so we are expending our Market to us uh massively this year and we are a PR izing uh working with uh large institutional um companies like uh for example uh gemini or coinbase these kind of big guys uh we are really uh looking forward working

8:44with them that's great wonderful and are you guys looking for any more investment or strategic Partners or you just looking for people to to drive more sales and you know what are you looking for people because there's definitely a lot of different viewers on here that are not just interested in you know using a wallet but you know are you guys looking for people to get involved in

9:06the project yes we are constantly looking for people to uh uh talented people to join the company and also uh we look for Strategic investment uh not just you know um um pure Finance Finance so we hope by bringing in Strategic investment we can uh leverage their uh user base or their sales channels so we can maximize our advantage that's awesome and if

9:37those people are looking to get a hold of you guys or you're just looking for more people to join the community what's the best way for everybody to get involved with cool wallet well simply write us an email or contact our Twitter uh Facebook we always reply very quickly awesome all right well I'll leave the uh details for your guys' email and your social

9:57channels down in the description box below and uh I appreciate you taking the time to uh speak to with us today and I'm excited to see you know the cool wallet in the hands of more people and in the wallet of more people and uh I'm glad that you guys are still bringing awareness to you know storing your own keys and making sure that your funds are secure and I think we should follow up

10:16in in the coming months here and and see um how cool while it's doing and uh we can get the updates so thank you so much for your time Michael and I'm looking forward to it well thank you ashon I enjoy the call perfect that was that was killer man you did it thank you so we will uh I'll get the video produced in the studio uh we'll make a

10:46version for Reuters Insider Financial Network as well and then uh in the next 48 hours I can get that uh produced and sent and tag your guys on social and uh and then we can go from there and then uh I'll this connect with you I'll connect with you on LinkedIn St in touch and I'll send you the links directly to the videos perfect thank you all right thank

11:06you so much Michael I appreciate it and have a great weekend man you too right f