VaultTel, a U.S.-based tech startup has recently revealed their new cryptocurrency hardware wallet that fits into your phone’s SIM card slot. It was revealed on Tuesday that the VaultTel application partners with this wallet, which has all sorts of features for you to take advantage of, reports CoinDesk.
Security of the Highest Caliber
To start, the card has “Military-Grade Encryption” and utilizes AES512 to “encrypt/decrypt the wallet files” that store on your card. Users can lock their wallet as well to ensure it only works with one device. Furthermore, users can lock their card within a specific geo-fence. This would limit where anyone can spend currencies. For example, a citizen in Chicago could make it so their wallet can only transact within city boundaries.
The company integrates the “latest Bitcoin standards” as well as a “24-word mnemonic phrase” compatible with BIP32, BIP39, and BIP44, among others.
Most interesting, however, is the project’s anti-theft protection. The device ties into your biometrics and is even compatible with your device’s facial recognition software. If bad actors don’t have access to these, they have no way to move your currencies. Also, no screen recording or Trojan software can work, as the device doesn’t take power from your laptop or system resources. Instead, the hardware in your phone is what gives it power.
Extra secure investors can back up their wallets with additional VaultTel chips. This company recommends this process, especially because it’s not uncommon to lose a mobile device.
Available To All
While the hardware wallet can be placed in the SIM tray on Android phones, this isn’t ideal for Apple users. iPhones are famous for their secure build that’s hard to break into. Fortunately, iPhone purchases will come with a dongle that supports the card.
Users can pre-order the SIM card for either operating system. It will cost $98 for Android users or $131 for iOS devices. Those interested can also support the project at its Kickstarter page. It is asking for $250,000 by May 4th, 2019.
It still isn’t easy to buy cryptocurrency. It’s even more difficult to store purchased currencies, and harder still to use them to buy things. Projects like this are working to streamline the process and ensure accessibility, and that’s something we need more of. Companies such as Starbucks are working to improve this space, combining with BitPay to bring more people into cryptocurrencies.
In the realm of phones, Samsung will also push the industry forward. The Galaxy S10 – the newest edition of their flagship phone – has a built-in cryptocurrency wallet.