Think of it like a hardened coin join server. It's pretty neat actually.
Probably you'd want another cold card for your personal offline stash of course.
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Exactly, one fully airgapped for cold storage wallet and this one with USB-enabled to do policy-based automatic signing (which is a big step more secure than hot-wallet). Also HSM mode is only supported on Mk4/Mk5 models.
So you are confirming that the counjoin coldcard needs to be plugged in for the duration of the counjoin?