Matěj joined Trezor in 2019 and progressed through key leadership roles before being appointed CEO in early 2023. During his tenure, he has played a central role in shaping the company's product vision, enhancing the user experience, and expanding Trezor’s reach to new global markets. Before Trezor, Matěj gained extensive experience in product management, business development, and strategic planning within the tech and startup ecosystem. This background now underpins his leadership, combining a product-driven mindset with an international perspective. A Czech native fluent in English, he steers Trezor’s mission to empower individuals worldwide through secure and private self-custody.
We sat down with Matej Žák to discuss Trezor’s new flagship device, the importance of open-source security, and the future direction of the hardware wallet industry.
Read more about Trezor’s strategy and the challenges facing self-custody in the interview below.
What are some of the physical attack vectors that your new device is now able to protect from?
Our industry is obsessed with security, and we go to great lengths by using tools like secure elements and specialized chips that protect private keys. Most physical attacks you hear about are highly advanced, requiring million-dollar lab equipment, which isn’t a realistic concern for most users.
However, the Trezor Safe 7 is generally more secure because it’s our first device with two secure elements. Crucially, one of these is auditable; its code, SDK, and documentation are public on GitHub. This is unprecedented. In the past, we used chips under NDA, and if we found a problem, we couldn’t warn anyone, even if competitors using the same flawed chip attacked us for being insecure. That’s why we pushed for TROPIC01, a revolutionary secure element designed to deliver tamper-proof next-gen protection with an open architecture.
One thing I hear a lot about Trezor is that they build products they want to use themselves. What was one of the features of the Trezor Safe 7 that was something you wanted or needed?
Definitely the wireless nature. It’s crucial for connecting with iPhones, particularly since the US market accounts for about 40% of our sales. Second is the solid, Apple-like build quality; it feels heavy and premium. It also has a large, fast, bright color touch display. We wanted to move from a geeky device to something sleek, cool, and “sexy.”
When you joined as the CEO, what were some of the things that you wanted to implement or change in the strategy?
When I joined seven years ago, Trezor was more engineering-driven. As a product manager at first, I wanted us to adopt a more mainstream approach: make our products more user-friendly and accessible to more people. That has been the biggest change. Today, launching the Trezor Safe 7, the best product we’ve ever built, feels like the greatest milestone in reaching that goal.
Everyone claims to be the most secure hardware wallet. How does Trezor truly differentiate itself?
We are the most secure because we are the most open-source. Historically, open-source and security have been closely intertwined. That’s our core belief. Ultimately, the free market and the customer will decide if we are right, but we strongly believe this is the correct approach, which is why we chose options like using an auditable secure element.
What future audiences might Trezor target? Are you looking at enterprises?
Not really. We deliberately chose not to focus on the enterprise market, as our core mission is centered on the individual user. However, we are adding more software services within the Trezor Suite. The revenue split between hardware and software is currently around 70/30, but we expect it to be 50/50 within two years. We are also targeting a broader range of crypto users, moving beyond our historical focus primarily on Bitcoiners.
Are you looking to partner with other companies to tailor the device, perhaps with custom colors or branding?
We are quite protective of the brand. Any partnership would need to align strongly with our mission of self-custody. If it’s connected to the mission, we’re open to it. We have done limited editions before and are considering modular designs, like exchangeable backplates, which could allow for customization or limited editions in the future.
What new wallet integrations are coming with the updated Trezor Suite?
In the past, we’ve integrated with major players like MetaMask and Rabby. Danny Sanders on our team would have the specifics on the latest additions.
What software features are driving the shift towards 50/50 hardware/software revenue?
Features like staking for different networks are definitely big. Stablecoin yields are on our radar. Evergreen features, such as swaps, buy/sell crypto, and DCA (Dollar Cost Averaging), also contribute significantly to revenue.
Do you plan to expand these software features further, integrating more swap routes or even lending?
Absolutely. We’re open to anything that makes sense within a self-custodial framework. We will never create a hot wallet, but as long as we can implement features while maintaining high security standards, we’re interested.
Crypto adoption is growing in emerging markets. Will Trezor offer a more affordable device in the future?
Great question. We already have the Trezor Safe 3, which is our cheapest and most accessible model. However, I personally believe we can go further. It’s on our roadmap to eventually introduce a really mobile-first, entry-level device. We’re considering making self-custody even more accessible, while continuing to offer premium devices like the Trezor Safe 7.
The $250 price point for the Trezor Safe 7 seemed to surprise people, with many expecting it to be higher. How do you manage the trade-offs between premium quality and affordability?
We aimed to create a flagship product that felt premium yet remained affordable, especially compared to competitors’ devices, which are often very expensive. Achieving this requires working closely with reliable manufacturing partners who can scale up production and reduce component costs. Even a one-dollar difference in a component price can add up to three or four dollars for the end consumer. The hardware industry is focused on maintaining healthy margins to support future innovation.
How does Trezor compete with marketing from centralized exchanges and ETFs, and how do you educate users about self-custody?
Honestly, our biggest competitors aren’t other hardware wallets; they’re ETFs and FinTech apps that provide crypto exposure without actual ownership. We believe that by creating excellent products, we can attract more users to embrace self-custody. We also invest heavily in education through our content, the non-profit Trezor Academy meetups focused on Bitcoin and self-custody, and the Trezor Expert service offering one-on-one consultations to help people get started.
How has Trezor grown as a company?
It has been steadily growing. When I joined seven years ago, there were about 30 of us. Now, we’re 200 and expect to grow even more.