A California-based cryptocurrency firm has launched the first crypto hardware wallet that fits in the sim card slot of a mobile phone.
VaultTel, the crypto start-up responsible for this innovation – a first of its kind, announced the launch of its VaultTel Intellichip Card in a press release as the company looks to pioneer a trend for micro hardware wallets asides the more popular hardware wallets which only work with PC (laptops and desktops).
Detailing its installation process and security standards, VaultTel CEO Isaac Daniel states:
The hardware wallet slots into the sim card tray of a dual sim mobile phone and alternatively can be used in a dongle format on iPhone. It features multi-actor authentication security designed for cryptocurrency storage on mobile phones, a first of its kind and that really sets us apart.
Once installed, the product utilizes a secure software solution that runs as an app on your phone, in synchronization with a VaultTel card laced with an intellichip. Users can store funds by fitting the hardware wallet chip into an empty sim slot for dual sim phones or connect the chip to a dongle – which allows users interface with their stored funds.
Further specifications include:
- The company claims the wallet chip will facilitate user’s storage and access to their private cryptocurrency keys with a higher layer of security than that offered by products of competitors.
- Its security features include bio-metric authentication, which is required to access wallet passcode and wallet.
- The company also states that no spy screen recorder or trojan malware can record the hardware wallet activity as it does not use laptop or system resources hence, without bio-metric validation no access or transfers can be made.
- The wallet features ‘Military Grade Encryption’ AES 512 – used to encrypt/decrypt cryptocurrency keys to protect crypto private keys.
- The product design is compliant with bitcoin standards such as BIP (Bitcoin Improvement Proposal) which means that a 24-word mnemonic phase can be used as seed key to backup the wallet.
- Users can also electronically backup their chip using another set of VaultTel chips.
- Users can lock the VaultTel Card to a single device and to a particular geographical location.
See full specs here: www.vaulttel.net
The product is available for pre-order in two options: Andriod-based ($98) and iOS based ($131). First point of sale will be the United States prior to subsequent expansion to European countries.
Heralding Phone Incorporated Wallets
Mobile phone-incorporated cryptocurrency wallets seem the new trend and the reason is not farfetched; as the popularity, mobility, ease of use and convenience of cell phones are being exploited by wallet providers to provide an all-in-one embedded device. From the new Samsung S10, HTC, Sirin Labs blockchain mobile and the latest Ledger Bluetooth hardware wallet, smart phone linked wallets are sure here to stay.
However, these crypto wallet start-ups have a role to play in ensuring top notch security, user friendliness and accessibility to these wallet devices.
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