A luxury watch from Swiss manufacturer A. Favre & Fils is to contain a built-in cryptocurrency wallet, according to plans published by the company this week.
A. Favre & Fils, which traces its roots in watchmaking back over 300 years, announced it was developing the handcrafted timepiece last week. The firm said it would integrate cold cryptocurrency wallet functionality alongside a “state of the art proprietary security solution.”
Lauren Favre, CEO of A. Favre & Fils, said the watch was designed to provide something useful to the cryptocurrency sector.
“We have developed this first timepiece with the idea of offering something useful for the crypto-community, not simply something to spend their money on.”
Favre told local media that it was important to embrace new technologies to enhance the design of his firm’s watches.
“You have to keep adding relevant features that advance the design. It’s a bit like figuring out the future of steam engines in the age of electric trains.”
The timepiece will retail from between $102,000 and $153,000. Ultimately, its price will depend on the materials chosen and the specific features integrated within the design.
Furthermore, a prototype model has been promised as early as the second quarter of this year. The firm said the watch would “guarantee ultimate in-data security and privacy protection” for the wearer.
The watch joins the collection of luxury products set to benefit from the boom in cryptocurrencies. Lamborghini is perhaps the most notable example, with car sales to crypto investors since 2017 reaching all-time highs. It seems that this was in part due to the popular ‘Lambo’ meme within the cryptocurrency community.
Most luxury products aimed at crypto investors have failed to provide any unique value beyond their price tag. However, the A. Favre and Fils watch will be one of the first to specifically offer functionality for crypto investors. Carouge-based A. Favre and Fils dates back to at least 1718.