Franck Swiss, a pioneer luxury timepiece maker, has released the ‘Encrypto’ watch which has been hailed as the first functional Bitcoin timepiece. The luxury watch maker partnered with Regal Assets, an alternative investment company, in the release of the Bitcoin watch.
Franck Swiss To Accept Bitcoin For Watch Purchases
The Bitcoin watch has been designed by the watch maker and features a dial with Satoshi’s Genesis Block address QR code. According to the official release, the watch is purportedly going to act as a cold storage for Bitcoin. The official release also states that each timepiece will be coming in a two piece set which includes a sealed USB that contains the private key and a dial featuring a unique public address engraved on it. Another feature of the watch is it allows the user to directly confirm their account balance through the dial.
The regional director of Franck Muller, Erol Baliyan, in his comments on the matter stated that the watch maker is always aiming at influencing the customer on an emotional level by creating a bond between the watch and the wearer. Baliyan went on to say that as a brand Franck Muller is a trend setter with a solid track record and the company does not shy away from adopting new innovation. He concluded by adding that Bitcoin is the millennial gold and creates the perfect balance between personal choice and innovation.
The starting price for the Encrypto timepiece is $9,800 and can go as high as $50,600 per watch. At the latter stated price, the customer will be getting a version of the Encrypto watch that is diamond studded. The timepiece can be purchased through bank transfer or credit card. The watch maker will also be accepting Bitcoin as a means of payment. The watch maker is also reportedly looking into creating other Crypto themed watches which will provide support for other top digital currencies.
Other Bitcoin Watches Released
The Swiss watch maker is not the first to release a Bitcoin themed watch. Last year renowned luxury watch maker Hublot announced the release of a Bitcoin themed timepiece dubbed the ‘Big Bang’. The limited edition timepiece was unveiled to commemorate the tenth anniversary of the digital token.
The Big Bang, much like the Encrypto also came with a rather expensive price tag as it was valued at $25,000. However, unlike the Encrypto, the Big Bang could only be purchased using Bitcoin.
The Cryptomatic is another Bitcoin themed watch that is available in the market. The Cryptomatic was the first timepiece to feature the Bitcoin logo in its design. This watch comes at a much more affordable price point of under $1,000.
More Entrants Into The Bitcoin Themed Watches Market
Earlier on in the year, A. Favre & Fils, another luxury Swiss Timepiece maker, announced that it is in the process of creating a handcrafted watch that will feature an in built Crypto wallet. The watch will reportedly come at a price point of between $102,000 and $153,000 based on the model, features and the materials used in the timepiece.