Keystone: Who is behind this open-source, air-gapped hardware wallet?
Keystone is the direct successor to Cobo Vault, relaunched in 2021 by Lixin Liu (CEO) and Aaron Chen (CTO) after their departure from Cobo. Its current model, the Keystone 3 Pro, features a 100% air-gapped architecture (QR code / MicroSD), three distinct secure elements, and a fully open-source firmware, audited by several independent firms — a rare level of transparency that makes it a benchmark for advanced and institutional users.
Recognized for its technical transparency and high level of security, Keystone has established itself as a benchmark among advanced users seeking a fully air-gapped hardware wallet with open-source and verifiable firmware. This article looks back at the company's eventful history and its product range.
From Cobo Vault to Keystone: The Story of a Strategic Split
The story of Keystone actually begins under a different name: Cobo Vault, developed by Cobo, a company founded in 2017 by Discus Fish (Changpeng Jiang) and Changhao Jiang, initially based in Beijing, with additional offices in Shanghai, Xi'an, and Seattle. In 2018, Cobo launched its first hardware wallet, the Cobo Vault Ultimate, funded through an Indiegogo campaign and renowned for its military-grade robustness (MIL-STD-810G). A second, more affordable model followed soon after, strengthening the company's collaboration with the Bitcoin community around QR code standards.
The turning point came in 2021: Cobo decided to strategically refocus its activity on its software wallet (hot wallet), at the expense of its hardware division. Lixin Liu, then head of hardware at Cobo, left the company on June 1, 2021, with his development team to continue the venture independently: this marked the birth of Keystone, under the leadership of Lixin Liu (CEO) and Aaron Chen (CTO).
Since then, the company received a grant from the Web3 Foundation in 2020 for the integration of Cobo Vault with the Polkadot ecosystem, became one of the first to offer a hardware wallet with open-source firmware for its secure element, and had its code audited by several recognized specialized firms — Offside Labs, Blocksec, SlowMist, and KeyLabs. The current model, the Keystone 3 Pro, is now compatible with over 45 third-party software wallets, including MetaMask (official partner), OKX Web3 Wallet, Solflare, Keplr, and Rabby.
How does a Keystone hardware wallet work?
Like ELLIPAL, Keystone chose a 100% air-gapped architecture, but with a particularly strong emphasis on technical transparency. All transaction signing is done via animated QR codes, without USB, Bluetooth, Wi-Fi, or NFC connection; a MicroSD card transfer option remains available for certain operations. The Keystone 3 Pro features a 4-inch touchscreen and a fingerprint sensor to unlock the device and sign transactions, including in public. Since the firmware is open-source, anyone can independently verify the code running on the device — a rare level of transparency in the hardware wallet industry.
Security based on transparency and redundancy
Keystone relies on a particularly robust security architecture: three distinct secure elements (compared to only one in most competitors), with PCI-level physical tamper resistance, and a self-destruct mechanism in case of physical intrusion detection. The fully open-source firmware is audited by several independent security firms recognized in the crypto industry. For recovery phrase generation, Keystone also offers the "roll your own dice" option, allowing the user to inject their own physical entropy source when creating their seed phrase.
A range designed for demanding users
Keystone primarily targets advanced users and institutions, with features that go beyond the typical hardware wallet. The Keystone 3 Pro, the current model, features a touchscreen, a fingerprint sensor, and support for over 1,800 cryptocurrencies. It offers native multisignature (multisig) support, particularly sought after by institutional investors or users wishing to spread risk across multiple devices, extensive compatibility with major Bitcoin software wallets (BlueWallet, Specter, Sparrow, Electrum, Wasabi, Nunchuk) and multi-chain wallets (MetaMask, Polkadot.js, XRP Toolkit), as well as a recovery phrase fragmentation function (Shamir Backup or equivalent), allowing the seed to be split into several parts necessary for wallet restoration.
The advantages and limitations of Keystone
Among the strengths: a fully open-source firmware, a rarity in the industry, independently verifiable by anyone, three distinct secure chips for enhanced redundancy and resistance, advanced features (multisig, seed fragmentation) particularly suitable for demanding and institutional users, and broad compatibility with major software wallets on the market.
Two points of caution to be aware of: a higher entry price than entry-level hardware wallets, justified by the level of features offered, and the need for separate MicroSD cards for certain specific operations — the device cannot be used while charging. The learning curve is also slightly more technical, better suited for users already familiar with the crypto world than for complete beginners.
Keystone 3 Pro Technical Specifications
| Feature | Detail |
|---|---|
| Manufacturer | Keystone (ex-Cobo Vault, founded in 2021) |
| Format | 4-inch touchscreen, fingerprint sensor |
| Security | 3 secure chips, open-source firmware |
| Connection | QR code / MicroSD (air-gapped) |
| Cryptocurrencies supported | 1,800+ |
| Multisig | Yes |
| Indicative price | €149.90 |
| Available at Neowalt | Yes |
To compare the Keystone 3 Pro with other models in our selection, check out our Tangem vs Keystone and ELLIPAL vs Keystone comparisons, or directly try our hardware wallet comparator.
A complementary accessory: the Keystone Tablet
In addition to the Keystone 3 Pro, Neowalt also offers the Keystone Tablet, a titanium backup accessory designed to engrave and permanently protect your seed phrase. Thanks to its hammer and punch engraving system, it is resistant to fire, corrosion, water, and extreme shocks — a much more reliable solution than paper for long-term storage of your recovery phrase.
The Keystone 3 Pro is part of the product selection available at Neowalt, an official French distributor of hardware wallets. Each model is sourced directly from the manufacturer, with an authenticity guarantee, confidential locker delivery within 24 hours, and French-speaking customer support.
FAQ: Keystone, the company and its product
Who founded Keystone?
Keystone was founded in 2021 by Lixin Liu (CEO) and Aaron Chen (CTO), after their departure from Cobo, whose historical hardware wallet was called Cobo Vault.
What is the difference between Cobo Vault and Keystone?
Keystone is the direct successor to Cobo Vault, relaunched under a new name and new management in 2021, after Cobo chose to refocus its activity on its software wallet rather than hardware.
Why is Keystone's open-source firmware important?
Open-source firmware allows any security expert to independently verify the code running on the device, which enhances trust and transparency compared to closed firmware.
Is Keystone suitable for beginners?
Keystone is more geared towards advanced or institutional users thanks to its advanced features (multisig, seed fragmentation), even though its touchscreen and fingerprint make everyday use simpler.
In summary
Born from the split between Lixin Liu and Cobo, Keystone has established itself as a benchmark for technical transparency in the hardware wallet industry, thanks to its open-source firmware and three-secure-chip architecture. With its touchscreen, fingerprint sensor, and advanced features like multisig, the Keystone 3 Pro is aimed at the most demanding users in terms of crypto security.
Discover the Keystone 3 Pro at Neowalt
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