SatoshiLabs

What SatoshiLabs does

SatoshiLabs is a Prague-based bitcoin-first technology holding founded in 2013 by Marek Palatinus and Pavol Rusnak, organized around four wholly-owned operating subsidiaries. Trezor, the flagship brand, invented the world's first cryptocurrency hardware wallet in 2013 and now sells a portfolio of self-custody devices (Trezor Model One, Model T, Safe 3, Safe 5, Safe 7) at price points ranging from $79 to $249, complemented by the Trezor Suite desktop/mobile application and Trezor Keep Metal physical seed backup. Tropic Square, the fabless semiconductor subsidiary, develops the TROPIC01 transparent secure element chip, an RISC-V based, EAL6+ capable component with no NDA requirement that launched into general availability in February 2025 and is distributed globally through Digikey and EPS Global. Invity operates a cryptocurrency exchange comparison and acquisition platform integrated into Trezor Suite, processing crypto transaction flow through vetted non-custodial exchanges (and a 1inch DEX integration), and became among the first entities to receive a MiCA licence from the Czech National Bank in February 2026. Vexl is a peer-to-peer bitcoin trading mobile app operating without KYC, supported by the non-profit Vexl Foundation (grants from Human Rights Foundation and OpenSats).

The company monetizes primarily through one-time hardware sales, with secondary revenue from the $99 Trezor Expert onboarding service, transaction fees on Invity-mediated exchange flows, staking-as-a-service (Everstake integration accumulated 100,000 ETH staked since May 2024), and emerging enterprise licensing of TROPIC01 chips into IoT, automotive, robotics, and critical infrastructure segments. Distribution combines direct e-commerce through the Trezor store, channel partner wholesale (Digikey), marketplace listings (Freedom Store for EU iOS via AltStore.io), and integration partnerships (Swan Bitcoin, Wasabi Wallet, 1inch). SatoshiLabs holds approximately 60+ open-source repositories, has authored 25+ industry security standards (BIP39, BIP44, Shamir Backup), and operates the Trezor Academy education initiative across 21 countries. The business is bootstrapped and self-funded at the holding level; the only disclosed external capital event is a EUR 4M investment by Auzera into Tropic Square in 2022.

SatoshiLabs serves a global customer base of 2M+ users across 200+ countries, anchored primarily by individual cryptocurrency holders, crypto novices, and Bitcoin enthusiasts. The 250+ employee team is concentrated in Prague with Trezor product, Tropic Square semiconductor engineering, and subsidiary CEOs (Matej Zak at Trezor, Viliam Klamarcik at Vexl, Ladislav Vesely as Interim CEO at Tropic Square) reporting into founder-CEO Marek Palatinus and CTO Pavol Rusnak at the holding level.

Name

SatoshiLabs

Legal name

Trezor Company s.r.o.

Website

https://satoshilabs.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

SatoshiLabs is a Prague-based bitcoin-first technology holding founded in 2013, operating four subsidiaries (Trezor hardware wallets, Invity crypto exchange platform, Tropic Square secure element chips, and Vexl P2P bitcoin trading) serving 2M+ users across 200+ countries through self-custody devices and software.

Ownership category

akta.pro rank

Product category

Cryptocurrency Hardware Wallets

NAICS

Security Systems Services (except Locksmiths) (561621)

SIC

Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

On/Off-Ramp Providers (Fiat↔Crypto) & Cash-In/Cash-Out Networks (FSADAIAE)

akta.pro secondary industry

Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL)

Keywords

• Hardware wallets
• Cryptocurrency self-custody
• Secure element chips
• Bitcoin security
• Crypto hardware manufacturing

Headquarters

HQ city

Praha

HQ country

Czechia

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Supply Chain, Personnel, Operations, Marketing or Sales

Revenue model

1. Hardware Wallet Sales: Sale of hardware wallets including Trezor Safe 7, Trezor Safe 5, Trezor Safe 3, and accessories like Trezor Keep Metal. Primary revenue stream with one-time purchase model.
2. Professional Services: Trezor Expert provides personalized 1-to-1 online onboarding sessions for $99, offering guided setup and security education for hardware wallet customers.
3. Crypto Trading Integration: Invity generates revenue through integration with exchanges for buying, selling, and exchanging cryptocurrencies within Trezor Suite. Users compare rates across verified exchanges.
4. Staking Services: Trezor users can stake ETH through collaboration with Everstake. Users stake a minimum of 0.1 ETH to participate in Ethereum network security and earn rewards.
5. Foundation Grants: Vexl Foundation receives grants from organizations like Human Rights Foundation and OpenSats to fund development, cryptography improvements, and community support.

Pricing tiers

Go-to-market motion6 records

Distribution channels6 records

Marketing channels7 records

Core offering

SatoshiLabs is a Czech bitcoin-first technology holding company that designs, manufactures, and sells cryptocurrency hardware wallets under the Trezor brand, along with companion software (Trezor Suite), open-architecture secure element chips (TROPIC01), crypto exchange comparison services (Invity), and a peer-to-peer Bitcoin trading app (Vexl). The company pioneered the world's first cryptocurrency hardware wallet in 2013 and serves over 2 million users across 200+ countries.

Product overview

SatoshiLabs is a Czech bitcoin-first technology holding that develops hardware and software innovations in crypto and open source. The portfolio comprises four distinct companies: Trezor (hardware wallets including Model One, Model T, Safe 3, Safe 5, and Safe 7, plus Trezor Keep Metal backup and Trezor Suite software platform); Invity (crypto exchange comparison and mobile app integrated into Trezor Suite); Tropic Square (TROPIC01 auditable secure element chip for hardware security); and Vexl (P2P Bitcoin trading without KYC, with Vexl Foundation and Freedom Store). Additional offerings include Trezor Expert onboarding service and Trezor Academy education initiative. The group has created 25+ security standards including BIP39/BIP44, Shamir Backup, and Slush Pool as the first bitcoin mining pool.

Differentiator

Problem solved

Functional benefit

Brands

• Trezor: Hardware wallet brand for secure cryptocurrency storage and self-custody. Inventor of the world's first crypto hardware wallet.
• Invity
• Tropic Square
• Vexl

Products and services

• Trezor Safe 7 Flagship fully wireless hardware wallet featuring the world's first auditable secure element (TROPIC01) and quantum-ready architecture. Equipped with dual secure elements, BLE connectivity, Qi2 wireless charging, 2.5" color touchscreen, and IP54 dust/splash resistance in an anodized aluminum unibody.
• Trezor Safe 5 Premium hardware wallet with color touchscreen and haptic feedback, featuring an NDA-free EAL 6+ certified Secure Element and enhanced 20-word backup process with Shamir support. Designed for everyday convenience in securely storing, managing, and buying cryptocurrencies.
• Trezor Safe 3 Entry-level secure hardware wallet designed for crypto newcomers and novices, featuring an easy-to-use interface, secure element for physical attack protection, and support for Bitcoin, Ethereum, and over 7,000 other coins.
• Trezor Model T Flagship touchscreen hardware wallet with advanced features including full-color touchscreen, enhanced passphrase entry, and increased privacy features. Open-source firmware and software with community-verifiable security.
• Trezor Model One The world's first cryptocurrency hardware wallet, providing secure and independent storage of cryptocurrencies through open-source design. Original device that pioneered self-custody for crypto assets.
• Trezor Keep Metal Aerospace-grade stainless steel backup solution for protecting recovery seeds against fire, water, acids, and impacts. Available for 12-word and 24-word standard backups as well as Shamir backup configurations.
• Trezor Suite Desktop and mobile application providing comprehensive cryptocurrency management with phishing protection, Tor switch, discreet mode, Taproot support, coinjoin integration, ETH staking via Everstake, and integrated exchange services through Invity and 1inch.
• Trezor Expert Personalized 1-to-1 online onboarding service where specialists guide users through hardware wallet setup, best practices, and security considerations. Available 7 days a week worldwide.
• TROPIC01 World's first transparent and auditable secure element chip providing cryptographic key generation, encryption, signing, and digital authentication. Built on RISC-V core, designed for tamper-resistance against advanced physical attacks including side-channel and laser attacks.
• Invity Czech fintech company offering a cryptocurrency exchange comparison tool and mobile app. Provides complete crypto acquisition ecosystem with best rates from vetted exchanges, integrated directly into Trezor Suite for seamless trading experience.
• Vexl Mobile app enabling peer-to-peer Bitcoin trading without KYC requirements. Combines social marketplace and trust network concepts, allowing users to buy and sell Bitcoin directly within their broader social circle while emphasizing privacy and decentralization.

Quantifiable outcome

• 600% increase in weekly sales following US elections with best single day 11x higher than average
• +3 more outcomes

Named customers5 records

Segments6 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature8 records

Partnerships

Ten partnerships are on record, tiered minor and core.

• Human Rights FoundationminorGTM or Marketing Partner · 1 January 2025Human Rights Foundation granted funding to Vexl in January 2025. Grant supported app development, cryptography improvements, security enhancements, and local community support in Africa.
• EPS GlobalcoreStrategic or Co-development Partner · 1 May 2024EPS Global manages secure provisioning, customization, and shipping logistics for TROPIC01 secure elements. Partnership enables production-ready chip availability and distribution.
• EverstakecoreTechnology or IntegrationEverstake provides staking-as-a-service platform enabling ETH staking through Trezor Suite. Users can stake minimum 0.1 ETH to participate in Ethereum network security and earn rewards.
• Wasabi WalletcoreTechnology or IntegrationCollaboration with Wasabi Wallet enables Trezor to offer CoinJoin privacy feature. First and only hardware wallet to enable coinjoin transactions within hardware wallet environment.
• Swan BitcoincoreTechnology or IntegrationSwan Bitcoin API integrated into Trezor Suite enabling automated recurring Bitcoin purchases directly to hardware wallet. Dollar-cost averaging with direct-to-custody purchases.
• IoT Security FoundationminorStrategic or Co-development PartnerTropic Square joined IoTSF to drive transparent IoT solutions. Collaboration aims to strengthen security defenses and align product lifecycle with EU Cyber Resilience Act.
• FINREG PARTNERScoreImplementation/ SI/ Consulting PartnerLaw firm guided Invity through MiCA licence application process with Czech National Bank. Set up regulatory framework ensuring compliance with applicable regulation.
• AltStore.iominorChannel Partner/ Reseller/ DistributorAltStore.io collaboration for Freedom Store, an alternative mobile app marketplace for iOS users in the EU. Enables access to open-source applications outside official App Store.
• DigikeycoreChannel Partner/ Reseller/ DistributorDigikey serves as distribution partner for TROPIC01 secure elements, development boards, and production-ready samples shipped globally.
• STMicroelectronicscoreOEM/ Whitelabel/ Licensing PartnerTrezor collaborated with STMicroelectronics to manufacture its own chip wrapper component in Trezor Model T, reducing lead times from two years to several months.

Scale indicators18 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• Block (Bitkey): Jack Dorsey's Block launched Bitkey, a self-custody Bitcoin wallet combining hardware, mobile app, and recovery tools. Targets the same self-custody customer base as Trezor but with deeper corporate backing and ecosystem integration.
• NGRAVE: Belgian maker of the NGRAVE ZERO hardware wallet with EAL7-certified secure element. Competes with Trezor's premium Safe 5 and Safe 7 in the high-end crypto self-custody segment.
• Cypherock: Indian startup offering hardware wallets with decentralized key management via NFC smartcards. Competes with Trezor on advanced security and key recovery innovations.
• Keystone (formerly Cobo Vault): Maker of air-gapped hardware wallets for crypto self-custody. Overlaps with Trezor on advanced features (Shamir backup, multi-sig) and targets a similar Bitcoin-maximalist user segment.

Others

• Binance: Centralized crypto exchange whose failure scenarios (analogous to FTX) drive demand for Trezor hardware wallets. Integrated via Invity exchange comparison, Binance is both a complementary distribution channel and the type of counterparty whose collapses boost Trezor sales.

Direct peers

• Tangem: Maker of Tangem Wallet, a card-form-factor hardware wallet for crypto self-custody. Competes with Trezor in the retail hardware wallet category, particularly at lower price points and for mobile-first users.
• Ledger: The leading crypto hardware wallet manufacturer and Trezor's primary direct competitor. Both sell self-custody hardware wallets to retail and institutional crypto holders, with Ledger holding the #1 position and Trezor #2 globally.
• Shift Crypto (BitBox02): Swiss-based maker of the BitBox02 hardware wallet. Direct competitor in the crypto hardware wallet category with a similar security-focused, open-source ethos and retail crypto self-custody positioning.

Broad incumbents

• STMicroelectronics: European semiconductor company that manufactured Trezor Model T's chip wrapper and is a major supplier of secure elements. Peer to TROPIC01 in the broader secure element market.
• NXP Semiconductors: Major secure element chip maker whose products compete with TROPIC01 in IoT, automotive, and payment applications. Relevant peer for Tropic Square's chip business rather than Trezor directly.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• GitHubgithub.com/trezor
• YouTubeyoutube.com/@TrezorWallet
• Xx.com/satoshilabs
• LinkedInlinkedin.com/company/satoshilabs

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SatoshiLabs