Crypto Telecoms Firm Telx Announces SIM Card Wallets

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Crypto Telecoms Firm Telx Announces SIM Card Wallets
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Telx Technologies, pioneer telecommunications, and cryptocurrency firm, has announced the launch of the very first crypto SIM card wallets. According to a post published on the company’s Medium account, the SIM card wallets will allow their users to send cryptocurrencies via SMS, through the use of dedicated crypto phone numbers.

However, while this is revolutionary, the company adds that sending crypto assets between users doesn’t necessarily require the use of an active Internet connection or a smartphone. The lack of reliance on smartphones or Internet connection means that users in parts of the world where the Internet is more of a luxury product can now be part of the crypto space.

At press time, the Telx SIM cards are operational in 180 countries, and can be used on any mobile phone, provided the phone has an active SIM card slot. Users can transfer Bitcoin, Bitcoin Cash, DASH, ZCash, and Litecoin. The company will provide users with options from its catalog of worldwide enabled phone numbers from which they choose and set as their new wallet identity. The company opted to sue phone numbers, as opposed to the standard option of public keys.

With these SIM cards, Telx customers will be able to send crypto assets to other Telx phone numbers, cryptocurrency exchange addresses, and more. That said, the option to work without an Internet connection doesn’t come without its challenges. Most notably, putting your assets in a third-party-managed wallet fundamentally contradicts the decentralized and disintermediated nature of Bitcoin trading and other crypto-related activities.

However, Telx noted this, and as a counterpoint, the company stated its belief that this business model could help improve the degree of user-friendliness. Speaking on the launch, Telx founder and chief executive Mark Penovich reiterated that the company is committed to providing integration between peer to peer transactions and SMS messaging, which he described as “the world’s most widely used communication method.”

He added, “All of us in the cryptocurrency community want mass adoption. With Telx, we aim to bring this technology to the masses by not relying on the end-user having significant technical knowledge. Integrating cryptocurrency transactions natively into the SMS interface and tying your crypto identity to a phone number will simplify the process and bring in new participants from around the world.”

The company’s SIM cards make use of the industry-standard in security protocols, including multi sig-wallets. Telx also touched on the issue of security, adding that it would prevent phone number porting and SIM swapping problems, as transactions will only be originated from proper SIM cards.

The company added that wallets would be protected with dedicated PINs, and it will provide backup security keys in the event of a loss or theft.

The firm is entering a market that is largely dominated by M-Pesa, a service that also allows users to send money through SMS between phone numbers. M-Pesa has gained massive traction since its product launched, becoming the most widely used mobile peer-to-peer money transfer system. With Telx, crypto enthusiasts now have a great way to sell and buy cryptocurrency, using a system that has so far proven to be effective.

About Jimmy Aki

Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system.

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