Mechanical Watchmakers A. Favre & Fils have entered the blockchain bandwagon by announcing their plans to launch one of a kind watches that will have a crypto wallet integrated into it with the mechanical elements. A. Favre & Fils are perhaps one of Switzerland’s oldest watchmakers, and one can trace their origins back to early 1700s. The business had a fall through with the advent of quartz watches in the 70s and the digital ones, recently. Laurent Favre, the tenth generation of the watchmaker family with fifteen plus years’ experience in watchmaking, has been actively reviving the centuries-old craft since 2008. Favre has been merging them with modern technology in an attempt to keep these watches relevant in the modern age.
Though the company withholds most of the information about the watch, it sure features a ‘cold’ wallet device that keeps cryptocurrencies safe when they are not being used, like a vault but on the wrist.
Though, there have been other brands who have released limited edition watches which can be bought with Bitcoins, the luxury watchmakers’ latest timepiece will in-fact store cryptocurrencies. As Favre puts it “[This feature] offers something useful to the crypto community, not just something to spend their money on.”
The ‘Crypto Mechanical Watch’ will be available by this summer and will cost around 100,000 to 150,000 Swiss Francs or the equivalent in cryptocurrencies. Though they are yet to build a prototype, the company says that the technology has been worked out. The new timepiece will have many safety features incorporated into it in case the watch is lost, stolen or destroyed which the company is keeping secret for the time being.
This also opens up the arena for other businesses to work on crypto wallets that can be integrated with designer watches or smart watches.
Favre got into cryptocurrencies early last year just as prices began to explode and slowly realized the possibilities of this new technology after that. Favre is also finding ways to incorporate blockchain into his family business. This might include digital ledgers to record transactions or tokenized company shares. According to Favre, one has to keep adding relevant features that advance the design if one intends to stay relevant.