Get to know the charts and understand the concept of "cold wallet" crypto assets

The FTX mega scandal that took away investors' money left a negative impact on the crypto asset industry. How investors can guarantee their assets remain safe on the platform exchange that they use. This solution is actually offered by cold wallet, a type of crypto wallet that provides complete control for investors and ownership over private key.

Paper is a new player cold wallet who are present in Indonesia. This startup is fronted by Teguh Kurniawan Harmanda, Moe Tengku, and Pham Qui Hai. The three of them combined experience in the world of digital finance and crypto when pioneering a startup that uses Sanskrit which means 'say'.

"Every Indonesian crypto user must be able to secure their assets with better security quality and be affordable for all groups," explained Carta Co-founder Teguh Kurniawan Harmanda to DailySocial.id.

The decision to start Carta started from understanding, experience, and seeing the huge potential of the crypto asset industry in this country, as well as the need for good but still affordable security solutions. “Carta's main mission is to democratize access to security premium cold wallet. "

Learn about crypto wallets

Before entering Carta, it's a good idea to learn more about crypto wallets. In the web3 world, crypto wallets play an important role in securing and managing digital keys: public key and private key. This key is required to validate various activities on blockchain, such as sending or receiving crypto assets, buying or selling NFTs, and so on.

Private key can be said to be a pin or Password for bank accounts. By having access to private key, users can sign transactions and make crypto asset transfers.

Crypto wallets are of two types: custodial and non-custodial. The difference between the two lies in management private key. Custodial wallet managed by third parties, such as exchanges operated by tokocrypto, Indodax, Pintu, etc. They are the ones responsible for security private key user.

Many novice crypto investors start their journey with wallet this is because of its comfort and convenience. However wallet This has weaknesses, one of which is the potential for hacking or security breaches which could result in loss of user assets due to private key stored centrally. The FTX case is clear proof of this.

Next, non-custodial wallet is type wallet which gives users full control and ownership over ownership private key, without involving third parties. It's just usage non-custodial wallet it requires a higher level of technical expertise to set up and use it properly. At least it is necessary to understand the basic concepts of cryptographic security and the steps required to protect it private key.

There is a separate category for wallet this type: hardware and for mobile devices to report the, with two classifications: cold (cold) and hot (hot). Several players wallet software here are Metamask and Trust Wallet, temporarily hardware there are Ledger, Trezor, and SafePal.

Top and cold wallet refers to two different solutions for storing crypto assets. Both also symbolize the wallet's connectivity status to the internet. hot wallet requires an internet connection to work, temporarily cold wallet in the form of a physical device that is useful for storing assets without having to be connected to the internet.

The risk level of cold wallet can ultimately be reduced because it is able to repel hacker attacks, technical malfunctions, and other illegal activities. Metamask and Trust Wallet are examples of hot wallet, while Ledger, Trezor, and SafePal from cold wallet.

Investors' awareness of protecting their assets is increasing on the global stage. In welcoming this request, the company cold wallet These companies are competing to offer products that are powered by their respective advantages. Among the three, Trezor is the oldest and most well-known player currently in the global market.

Chart Products

Manda, Teguh's nickname, explained the product further cold wallet Carta's is in the form of a card the size of a bank debit card which is packed with NFC technology and several layers of security using NFC.

Chart guarantees flow becomes faster and safer because everything is still done offline. chipit is manufactured by a leading global semiconductor company specializing in NFC technology. The size of the card is like a debit card in general, so it can be stored with other cards in a physical wallet.

In addition, Carta is supported by multi-tokens to safely store various types of crypto assets, tokens and NFTs. Currently Carta supports more than 4000+ tokens across various networks blockchain.

Apart from shape hardware, Charts have applications mobile devices which is integrated with NFC cards, ensuring users can manage their assets anywhere and anytime without having to worry about the security of the assets stored.

"Integration hardware NFC cards Charts and applications mobile devices confirms the company's commitment to providing comprehensive digital asset storage management solutions, tailored to the needs and preferences of Indonesian users."

Because his passion is to democratize access cold wallet, Manda claims that Carta products are much more affordable than products cold wallet other. The NFC card is priced at $35 (around Rp. 543 thousand). Compared to Ledger and Trezor for example it should cost anywhere from $69-$219. NFC technology is considered more affordable because it has been adopted by various smartphone devices of various price scales.

"We areSimplify physically stored digital assets. So users can save as many NFTs as they like and their NFTs can be validated. Sometimes it's difficult to move people's habits from web2 to web3. Chart wants to be bridge, hence our tagline 'tap into web3'."

Manda continued, "We want users aware with value the assets are no matter how big they are. If the price [cold wallet] IDR 2 million but the assets are only IDR 1 million, no worth. That's why we sell more competitively, however in terms of technology not cheap."

Next plan

The NFC card product released by Carta actually already exists in Switzerland called Tangem. Manda believes that his party can compete with other players in the global market because of its large market potential. From a global scope, there are more than 50 million crypto asset investors (self-custody). Of this figure, around 30 million of them are active Metamask users, and around 15 million of them come from Asia.

"There are around 1 million Metamask users in Indonesia alone. So it's there benchmarking and business already proven. What's different is accessibility we make it even easier and at a very good price affordable. "

Even though it originates from Indonesia, Carta will target the global market. In the initial stage, the company will enter the regional market first until the middle of next year.

Not only selling crypto wallet products, they will also add features to make them richer. One plan is to work with companies on membership programs to increase the utility of NFTs and tokens that users already own.

In addition, B2B cooperation will also be promoted by positioning Carta as a card issuer white label for the company. According to him, there are already several technology companies that are enthusiastic about the concept cold wallet that Carta offers.

Manda explained that Carta's business model is quite simple and does not require a money-burning strategy. Sales will be made through online channels, such as official websites and e-commerce platforms, then distributed directly to consumers.

It is predicted that with sales from crypto wallets alone, the income will be sufficient to support the company's operations. Even so, the company is currently raising funds, looking for strategic investors to accelerate its plans to enter regional markets before going global.

“Because we are selling real goods, we have done the calculations cost margin and BEP. So we don't need it fundraiser in large quantities because we can "To support operations, you can even make a maximum profit in two years," concluded Manda.

Carta is currently accepting orders pre-order and plans to ship its first batch by the end of this year.