Consumer electronics company Trezor has taken control of the chip production for its Model T product to improve device security and production efficiency.
The company issued a statement in which it clarified that it has decided to go this route in order to eliminate its dependence on third parties throughout the manufacturing supply chain. The company was forced to deal with unreliable component availability due to geopolitical disruption and COVID-19 labour shortages, while demand for its devices has also fluctuated. These fluctuations were influenced by market conditions and consumer interest in the self-custody of crypto assets.
According to theblock.co, hardware wallet sales surged following the collapse of platforms such as FTX, Celsius and BlockFi, as more and more users turned to self-custody. Trezor’s Model T is a cryptocurrency hardware wallet that can be used to protect Bitcoin, tokens, passwords, and keys. The hardware wallet can also be used to buy, sell, and trade coins securely.
By taking control of the chip production process for Model T, Trezor aimed to improve device security while reducing lead times to several months from two years. This can help minimise shipping delays and protect customers from price fluctuations linked to component supply and demand.
In February 2023, Trezor’s CEO has revealed plans to refresh the company’s wallet lineup, launch a new software suite for mobile, and introduce a new flagship device. According to theblock.co, even though the crypto market is going through a rough phase right now, the hardware wallet market is becoming increasingly competitive. This increase in competition and self-custody interest could be fuelled by the collapse of centralized crypto players such as lender Celsius and exchange FTX.
The Trezor team is working on a software suite for mobile devices that could provide users with more options when it comes to using Trezor products. These new options could include the capability to check funds and buy or sell crypto. The new flagship product that’s in the works will be equipped with Bluetooth, which means that it will be able to connect with the software suite without a USB cable.
Theblock.co reports that Trezor is planning to stick with a conservative approach to product development even though it is currently experiencing growth in the bear market. The company is not hiring new people at the time of writing, but this might change as its hardware business expands in 2023.
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