The latest cold wallet on the block basically looks like a Nokia 3310.

But that's okay!

Because the whole point of the thing is to be super easy to use.

(And to do one simple task - store crypto, offline).

Foundation Devices just announced that they'd closed a $7 million seed round, led by Polychain Capital.

Foundation’s flagship product, Passport, is a hardware wallet that features “airgapped security” specifically designed to store Bitcoin.

It has no external USB or wireless communications, and instead, it uses a camera and QR codes to communicate.

It also has a built-in color display (so, guess it's more like the 3510).

This announcement comes as cold wallets have risen in popularity with people choosing to store their crypto offline, rather than letting centralized exchanges like "the 3 letter company that shall not be named" to store them.

Foundation has plenty of competition. Just last week, Ledger released the Stax cold wallet, and Jack Dorsey’s company, Block, is also building a hardware wallet.

But this is all good news!

This is the type of product that should become popular - because it's good for users.

The more competition → the more impetus companies have to create great products to keep up → the better the user experience becomes.

We've seen this with all sorts of devices from phones (Nokia → Blackberry → Apple) to TV's, and even cars.

Plus, impressive by Foundation to raise $7M in this market.

Cheers to that!