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 leaving Cobo. Its current model, the Keystone 3 Pro, relies on a 100% air-gapped architecture (QR code / MicroSD), three distinct secure chips, and fully open-source firmware, audited by several independent firms—a rare 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. Let's look back at the company's eventful history and its product range.
From Cobo Vault to Keystone: the story of a strategic split
Keystone's story actually begins under another 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 via an Indiegogo campaign and renowned for its military-grade robustness (MIL-STD-810G). A second, more affordable model followed shortly 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), to the detriment 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 independently: this was the birth of Keystone, under the direction of Lixin Liu (CEO) and Aaron Chen (CTO).
Since then, the company has received a Web3 Foundation grant in 2020 for the integration of Cobo Vault with the Polkadot ecosystem, has become one of the first to offer an open-source firmware hardware wallet for its secure element, and has 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 opted for 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, even in public. With open-source firmware, anyone can independently verify the code running on the device—a rare transparency in the hardware wallet industry.
Security based on transparency and redundancy
Keystone relies on a particularly robust security architecture: three distinct secure chips (compared to just 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 source of physical entropy when creating their seed phrase.
A range designed for demanding users
Keystone primarily targets advanced users and institutions, with features that go beyond the classic hardware wallet. The current model, the Keystone 3 Pro, features a touchscreen, a fingerprint sensor, and support for over 1,800 cryptocurrencies. It offers native support for multisignature (multisig), particularly sought after by institutional investors or users wishing to spread risk across several devices, extended 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 user to split their seed into several parts needed to restore the wallet.
Keystone's advantages and limitations
Among the strengths: 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 suited to 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. Getting started 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 (formerly Cobo Vault, founded in 2021) |
| Form factor | 4-inch touchscreen, fingerprint sensor |
| Security | 3 secure chips, open-source firmware |
| Connection | QR code / MicroSD (air-gapped) |
| Supported cryptocurrencies | 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 3 Pro comparison, our CoolWallet Go vs Keystone 3 Pro comparison, discover our presentation of Tangem, or directly test our hardware wallet comparison tool.
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 significantly more reliable solution than paper for long-term storage of your recovery phrase (see also our guide metal vs. paper backup).
The Keystone 3 Pro is part of the product selection available from Neowalt, an official French distributor of hardware wallets. Each model is sourced directly from the manufacturer, with 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 leaving Cobo, whose original 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 increases trust and transparency compared to closed firmware.
Is Keystone suitable for beginners?
Keystone is more geared towards advanced or institutional users due to its advanced features (multisig, seed fragmentation), although its touchscreen and fingerprint sensor simplify daily use.
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. To compare other models, check out our complete comparison of the best hardware wallets of 2026.
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