Tony Fadell is a Silicon Valley executive well-known for being the father of the iPod. On Tuesday, he unveiled his latest project – a hardware pocket that stores cryptocurrency offline.

Fadell (53) spent nearly a decade working for Apple. He was responsible for the design and development of the portable music player. Then he helped to create the iPhone, Apple’s most well-known product.

In 2008, he quit Apple and founded Nest Labs, which makes intelligent home devices. Google later bought Nest for $3.2 billion.

Fadell and Ledger, a French technology company, have teamed up to create a new offline cryptocurrency wallet.

Crypto trading requires complex cryptographic keys that are used to authorize transactions. These keys are stored online, such as with an online exchange. This can make them more vulnerable to theft or hacking.

Due to the recent collapse of the crypto-exchange FTX, which saw more than $1B of customer funds disappear, there was an unprecedented increase in demand for offline services like Ledger.

Ledger’s previous models, like the Nano S and Nano S Plus, were shaped as USB memory sticks. Fadell’s latest design, the Ledger Stax, is a credit card-sized device with a curving spine and an electronic-ink display. The Ledger Stax will be available online for $279 starting in 2023.

“All of our secure hardware to this point was just like the MP3 players that existed before the iPod,” Ian Rogers (chief experience officer at Ledger) told reporters.

Fadell previously expressed doubt about some elements of Web 3.0. But now, he is involving himself in decentralized projects.

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