Coldcard vs Foundation Passport — Head-to-Head Custody Comparison

An independent, data-driven comparison of Coldcard and Foundation Passport across security, insurance, fees, regulatory compliance, and more.

Verdict

Quick Verdict

Coldcard scores 5.9 vs Foundation Passport's 5.6. Coldcard leads in 3 of 8 categories.

Coldcard is better suited for Bitcoin maximalists, Security experts, Air-gap enthusiasts. Foundation Passport is better suited for Design-conscious Bitcoiners, Air-gap enthusiasts, Open-source advocates.

5.9

Below AverageCustody Score

Coldcard

5.6

Below AverageCustody Score

Foundation Passport

Scores

Score Comparison

Weighted scores across all 8 custody criteria.

Criterion	Weight	Coldcard	Foundation Passport	Winner
Security	20%	9.5	9.0	Coldcard
Insurance	15%	1.0	1.0	Tie
Regulatory	15%	1.0	1.0	Tie
Fee Transparency	10%	9.5	9.0	Coldcard
Track Record	15%	8.0	6.5	Coldcard
Withdrawal Flexibility	10%	9.0	9.0	Tie
Reporting & Audit	10%	2.0	2.0	Tie
Counterparty Diversification	5%	9.5	9.5	Tie
Overall Score	100%	5.9	5.6	Coldcard

Visual

Score Radar

Visual overlay of Coldcard and Foundation Passport across all categories.

ColdcardFoundation Passport

Deep Dive

Category-by-Category Analysis

A deeper look at how each provider performs in every scoring criterion.

Security (9.5 vs 9.0)

Coldcard uses Air-gapped hardware wallet with secure element key management with 100% in cold storage and regular penetration testing. Compliance: N/A. Incident history: No known compromises.

Foundation Passport uses Air-gapped hardware wallet with camera key management with 100% in cold storage and regular penetration testing. Compliance: Open-source audited. Incident history: No known compromises.

Insurance (1.0 vs 1.0)

Coldcard offers None — self-custody hardware via N/A. Hardware wallet. Full user responsibility.

Foundation Passport offers None — self-custody hardware via N/A. Hardware wallet. Full user responsibility.

Regulatory (1.0 vs 1.0)

Coldcard holds N/A — hardware manufacturer and is not a qualified custodian operating in Canada. Coinkite Inc. Bitcoin-focused hardware company.

Foundation Passport holds N/A — hardware manufacturer and is not a qualified custodian operating in United States. Foundation Devices Inc. US-based open-source hardware company.

Fee Transparency (9.5 vs 9.0)

Coldcard charges None in annual custody fees with Network fees only per transaction. Bitcoin-only by design. Air-gapped signing via microSD.

Foundation Passport charges None in annual custody fees with Network fees only per transaction. Premium device. Air-gapped via QR codes and microSD.

Track Record (8.0 vs 6.5)

Coldcard was founded in 2018 and is headquartered in Toronto, Canada. AUM: N/A (hardware manufacturer). Incident history: No known compromises.

Foundation Passport was founded in 2020 and is headquartered in Boston, MA. AUM: N/A (hardware manufacturer). Incident history: No known compromises.

Withdrawal Flexibility (9.0 vs 9.0)

Coldcard withdrawal fees: Network fees only. Minimum account: ~$148 (Mk4) / ~$99 (Q1). Supported assets: Bitcoin only.

Foundation Passport withdrawal fees: Network fees only. Minimum account: ~$199 (Passport). Supported assets: Bitcoin only.

Reporting & Audit (2.0 vs 2.0)

Coldcard: SOC compliance is N/A. Not classified as a qualified custodian.

Foundation Passport: SOC compliance is Open-source audited. Not classified as a qualified custodian.

Counterparty Diversification (9.5 vs 9.5)

Coldcard is a cold storage / hardware provider. Key management: Air-gapped Bitcoin-only hardware wallet. Secure element. MicroSD transaction signing..

Foundation Passport is a cold storage / hardware provider. Key management: Air-gapped Bitcoin wallet with camera for QR code scanning. Open-source hardware..

Fees

Fee Comparison

Side-by-side fee breakdown for Coldcard and Foundation Passport.

Fee Type	Coldcard	Foundation Passport
Setup Fee	$99-$148 (device purchase)	$199 (device purchase)
Annual Custody	None	None
Transaction	Network fees only	Network fees only
Withdrawal	Network fees only	Network fees only

Coldcard: Bitcoin-only by design. Air-gapped signing via microSD.

Foundation Passport: Premium device. Air-gapped via QR codes and microSD.

Features

Feature Comparison

Checklist of features across both providers.

Feature	Coldcard	Foundation Passport
Air-gapped QR scanning	✗	✓
Air-gapped operation	✓	✗
Camera-based signing	✗	✓
Dice roll entropy	✓	✗
Duress PIN	✓	✗
Envoy companion app	✗	✓
MicroSD backup	✗	✓
Multisig native	✓	✗
Open-source hardware + firmware	✗	✓
PSBT support	✓	✗
Premium build quality	✗	✓
Secure element	✓	✗

Recommendation

Who Should Choose Which?

Coldcard is better if you…

✓Are a bitcoin maximalists
✓Are a security experts
✓Are a air-gap enthusiasts
✓Are a advanced users
✓Want: Gold standard for Bitcoin hardware security
✓Want: True air-gapped operation
✓Want: Duress PIN and security features

Foundation Passport is better if you…

✓Are a design-conscious bitcoiners
✓Are a air-gap enthusiasts
✓Are a open-source advocates
✓Are a us-made seekers
✓Want: Beautiful premium design
✓Want: Truly air-gapped with QR camera
✓Want: Open-source hardware AND firmware

FAQ

Frequently Asked Questions

Is Coldcard or Foundation Passport better for Bitcoin custody?

Coldcard scores 5.9 vs 5.6 in our weighted Custody Score. Coldcard leads in 3 of 8 scoring categories. However, the best choice depends on your specific needs: Coldcard is best for Bitcoin maximalists and Security experts, while Foundation Passport suits Design-conscious Bitcoiners and Air-gap enthusiasts.

What is the difference between Coldcard and Foundation Passport?

Coldcard is a cold storage / hardware provider, while Foundation Passport is a cold storage / hardware provider. Coldcard excels in Security, whereas Foundation Passport is strongest in Counterparty Diversification.

How do Coldcard and Foundation Passport fees compare?

Coldcard charges None annual custody fees with Network fees only transaction fees. Foundation Passport charges None annual custody fees with Network fees only transaction fees.

Which is more secure, Coldcard or Foundation Passport?

Coldcard scores 9.5/10 for security while Foundation Passport scores 9.0/10. Coldcard uses Air-gapped hardware wallet with secure element key management, and Foundation Passport uses Air-gapped hardware wallet with camera.