Archos, a French company known for its cheap Android phones, tablets and media players, is entering the cryptocurrency market with a hardware wallet. The company revealed earlier this week that it is gearing up to release a cryptocurrency hardware wallet called Safe-T mini.

Hardware wallets are used by the cryptocurrency holders to safely store their Bitcoins or Altcoins. Since the cryptocurrency private keys are created and stored locally on the device with a number a security mechanisms, they are much more secure than an online or software wallet.

Also read: Best Bitcoin wallets |  Best Ripple XRP wallets

Archos claims that Safe-T mini has been developed by the company’s own R&D division and to make sure everything is secure, it will be manufactured in France itself. The company stated that the Safe-T mini wallet will be available beginning June, 2018 at 49.99 euros ($61).

Archos Safe-T mini features and specifications

• Generates and stores private keys on the wallet offline and prevents malicious parties from gaining access to the private key while the wallet is online.
• All crypto operations are carried out on the device, offline.
• Every transaction is displayed on the screen and must be physically approved using the buttons of the wallet.
• It restrictively requires manufacturer software on the device while requesting the set-up of a PIN code to ensure that only the owner can access and use it.
• Supports Bitcoin, Bitcoin Cash, Dash, Litecoin, Zcash, and Ethereum
• Compatible with Electrum, MyCrypto, GreenAddress/Greenbits and Mycelium
• Connects to PC or a mobile device using a Micro USB cable
• Powered by 120MHz ARM processor Cortex-M3
• 128x64p OLED display
• Size: 58mm x 7.8mm

Archos Safe-T mini will be competing with Ledger nano S and Trezor hardware wallets, which are massively popular in crypto-community. The only advantage for Archos is the price-tag of Safe-T mini, which is significantly lower than both Ledger nano S and Trezor.