A. Favre & Fils, a luxury Swiss watchmaker that traces its family history back three centuries, is developing a handcrafted mechanical timepiece with a built-in crypto-wallet.

The company announced last week that the watch will have crypto “cold wallet” and “state of the art proprietary security solution” based on blockchain technology.

A. Favre & Fils CEO Laurent Favre said in a statement:

“We have developed this first timepiece with the idea of offering something useful for the crypto-community, not simply something to spend their money on.”

A company representative told CoinDesk that one watch piece will cost in the range of CHF100,000 – CHF150,000 (or $102,000 – $153,000), depending upon the variant – gold, metal, etc.

The watch will “guarantee ultimate in-data security and privacy protection”, the company said in a statement, adding that the first prototype will be released during the second quarter of 2019.

“You have to keep adding relevant features that advance the design. It’s a bit like figuring out the future of steam engines in the age of electric trains,” Favre was quoted as saying to SWI swissinfo.ch, a news outlet owned by the Swiss Broadcasting Corporation.

Luxury watch image via Shutterstock