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An Interview with Matěj Žák on Trezor’s Journey from the First Hardware Wallet to the Safe Series

In today’s rapidly evolving cryptocurrency landscape, security is paramount. Trezor, the pioneer of hardware wallets, has played a pivotal role in shaping how users safeguard their digital assets. Since its inception in 2014, Trezor has consistently pushed the boundaries of crypto security, empowering millions of users to take full control of their assets.

We had the privilege of speaking with Matěj Žák, CEO of Trezor, who shared valuable insights into how the company is transforming the way people secure and manage their digital wealth. In this interview, we dive into Trezor’s journey, the importance of hardware wallets, and what the future holds for crypto security.

1. Could you start by giving us an overview of Trezor and its mission in the crypto security space?

Trezor is a pioneer in the cryptocurrency security landscape. We can trace our journey back to 2014 when we introduced the world’s first hardware wallet. 

Our mission is to empower users to take full control of their digital assets by providing secure, user-friendly. This is what’s been guiding us over the past decade. We’ve continually innovated along the way, while remaining committed to making crypto security accessible and easy for everyone. 

Today, we are trusted by over 2 million customers globally. Our self-custody solutions allow a user to manage their crypto assets without the need to rely on intermediaries.

https://www.forbes.com/sites/digital-assets/2024/08/08/bitcoin-hardware-wallets-just-turned-10-years-old

2. Trezor is known for pioneering the first hardware wallet. How has the company evolved over the past decade, and what have been some of the key milestones?

For a start, we’ve grown from a “two-member team, hobby project” founded by Pavol “Stick” Rusnak and Marek “Slush” Palatinus to one of the world’s leading hardware wallet manufacturers, with over 200 professionals. It’s been an incredible journey, marked by key milestones.

In 2014, we set the standard for crypto security with the launch of the Trezor Model One. This was followed by the Trezor Model T in 2018, featuring a user-friendly touchscreen and expanded support for a wider range of cryptocurrencies. Over the past year, we’ve introduced the Trezor Safe series with a focus on usability. Both Safe 3 and Safe 5 combine elegant aesthetics with top-notch security, catering to everyone from crypto beginners to active daily users.

Most recently, we launched our first service offering – Trezor Expert Sessions. This aims to educate the growing number of crypto participants who recognize the importance of security in managing their digital assets.

What’s worth mentioning is that throughout this journey, we’ve established several security practices that have since become industry standards. 

3. Why is using a hardware wallet crucial for crypto security, and how does it compare to storing assets on online exchanges?

Storing assets on online exchanges is much like traditional banking. You don’t truly own your money. As an example, you may have your money kept in a bank. However, the bank subjects you to a host of restrictions – withdrawal limits, KYC, limits of transfers, and so on. Besides, history’s been rich with cases of banks instances of banks freezing accounts or even collapsing, leaving customers unable to access their funds when they need them most.

And the same applies to exchanges, even in a bigger scale. With an online exchange, you essentially rely on that exchange to grant permission when you want to withdraw or transfer funds. This reliance carries inherent risks. Added to this are external factors including the perils of government regulations that could easily result in frozen accounts if policies change. Instances of exchanges having sold crypto they didn’t possess, leading to devastating collapses. A case in point is FTX, leading to users losing access to an estimated $8 billion in assets due to alleged misuse of customer funds and financial mismanagement. Additionally, exchanges are prime targets for hackers, with billions of dollars lost due to breaches.

In contrast, using a hardware wallet ensures self-custody, meaning you fully control your the keys to your crypto assets. The concept is akin to being your own bank. A hardware wallet protects crypto assets from online threats. With self-custody, you are truly self-sovereign, keeping full ownership and control of your digital assets.

4. Your latest product, the Trezor Safe 5, has some exciting features. Can you tell us more about its design and how it enhances both security and user experience?

The Trezor Safe 5 has been designed for the active crypto user. It’s been built keeping both security and user-friendliness in mind. Some of the features it comes with have been a first for us in our journey of manufacturing hardware wallets. Take for example,  its tactile feedback feature, offering users an intuitive experience that’s easy to navigate. This, coupled with a vibrant color touchscreen makes interactions smoother and more engaging. Like I said before, these features have been introduced so both beginners and experienced crypto users will find it easy to navigate their assets securely.

From a security perspective, Trezor Safe 5 is built on over 10 years of open-source development, using an NDA-free EAL 6+ Secure Element to offer unparalleled protection against both online and offline threats. The device includes advanced features like PIN and passphrase protection, along with a new Multi-share backup system, which eliminates any single point of failure in the wallet recovery process. This makes it one of the most secure options for safeguarding your crypto assets.

5. Trezor emphasizes 100% ownership and offline security. How does this guarantee that users’ coins and data remain safe from online threats?

Our core philosophy at Trezor revolves around 100% ownership of your crypto. This is achieved through 100% offline security, as Trezor hardware wallets keep your private keys stored completely offline, away from any internet connection. This approach, also known as “cold storage” makes it impossible for hackers or malicious actors to access your private keys remotely.

Every transaction around managing your crypto, be it sending or receiving, are securely signed within the device itself without the private key ever leaving the hardware wallet. 

However, it’s important to stress here that with self-custody comes the users responsibility of protecting their assets. I cannot stress this enough, “Never share your wallet back or private keys with anyone”. Always verify websites and communications to avoid phishing traps. Our devices incorporate several additional security steps a user can take to build on the core security offered by the hardware wallet. These include features like PIN protection and passphrases at the most basic level.

6. With Trezor Suite supporting thousands of coins and tokens, how does your platform ensure a seamless user experience for managing and trading crypto?

Ensuring a seamless user experience is a continuous process at Trezor. We have a dedicated research team in-house that works tirelessly, testing every new feature and design on real users to make sure everything is intuitive and easy to use. Their inputs are among the key components of the UX changes we initiate. It’s a priority to consistently refine the interface and features in Trezor Suite, our app for managing digital assets. 

We’ve even recently introduced a revamped trading interface in Trezor Suite. Now, users can buy, sell, and swap crypto within Trezor Suite. This has been done to simplify crypto management while extending one of the safest ways to trade crypto. Our smart trading engine, for example, helps users find the best deals across trusted providers, based on various factors like location, payment methods, and currency. So, you don’t need to scout through offers to find the best deal.
7. Security is always a top priority in crypto. Could you explain how Trezor’s open-source design and backup solutions ensure that users are fully protected?

From the onset, we’ve adopted an open-source approach. By making both our devices completely open-source, we’ve eliminated the need for blind trust. Our code is publicly accessible on GitHub, allowing anyone in the community to review, audit, and verify its integrity. This transparency empowers millions of enthusiasts and developers to test for vulnerabilities and suggest improvements, ensuring any potential issues are quickly identified and addressed.

A recent case in point is the adoption of the Secure Element in the Trezor Safe series. The secure element is NDA-free. What this means, is that the chip we’ve used is not bound by Non-Disclosure Agreements that would restrict us from publicly discussing any security flaws. 

8. Trezor offers personalized expert sessions to help users set up their hardware wallets. How important is it to make crypto security easy for users with no prior experience?

Education is absolutely essential, especially as self-custody is a new concept for many users. To give you a perspective, less than 2% of the over 560 million crypto holders practice self-custody. So, there’s a need to both educate and spread the word about self-custody, allowing users to reduce dependencies on intermediaries like exchanges to safeguard their digital assets. 

At the same time, we understand that securing your crypto by way of self-custody can feel intimidating. So our Trezor Expert Sessions are designed to make the process as simple as possible. These 60-minute personalized sessions guide users step-by-step through setting up their hardware wallets, explaining key security concepts like backups in a way that’s easy to understand.

Our goal is to ensure that users, regardless of their experience level, are fully equipped to manage and secure their digital assets confidently. 

9. For those who are new to hardware wallets, what steps should they take if they lose their Trezor device, and how does the recovery process work?

Remember, losing your Trezor device or it getting damaged is not a concern. What’s important is safeguarding the wallet backup, also known as the recovery seed. To give you some background, when setting up your Trezor device for the first time, you are required to create a wallet backup. This is a list of 12, 20, or 24 words. This wallet backup acts as the ultimate key to the account that holds your crypto assets. 

If you lose your Trezor device or it is damaged for some reason, the recovery process is straightforward. Get a new Trezor or any compatible hardware wallet, and use your wallet backup to restore your funds.

As long as you have safely stored your wallet back, you can regain access to all of your assets. It’s crucial to remember this, and we keep saying this over and over again, protecting your wallet backup is the most important part of securing your crypto. Without it, your funds cannot be recovered. As the adage goes, Not Your Keys, Not Your Coins.

10. Lastly, what’s next for Trezor in terms of innovation, and how do you see the future of crypto security evolving with your products?

Looking ahead, Trezor remains committed to driving innovation through a focus on education and user-friendly design. The crypto market continues to evolve and grow every year. We anticipate this to attract an influx of new users. As I pointed out earlier, there remains a very limited knowledge of self-custody and security practices. So, a very significant theme in what we build will be the need to continuously simplify products, interfaces, and more, making them accessible to everyone, regardless of their experience.

Our goal is to empower users with the knowledge and tools they need to confidently manage the security of their digital assets.

Trezor is not just a hardware wallet manufacturer; it is a trailblazer in crypto security. Under the leadership of Matěj Žák, Trezor continues to innovate and empower users with the tools and knowledge they need to protect their digital assets. As the crypto space evolves, Trezor remains at the forefront, ensuring that users can confidently navigate this digital frontier with the highest levels of security.

For more insights and updates, follow Matěj Žák on LinkedIn and Twitter.