VaultTel a United States startup on March 6 launched a hardware cryptocurrency wallet designed to fit into a mobile phone SIM card tray.
According to the press release the wallet solution combines a mobile application, the VaultTel Intellichip card for storing cryptocurrency private keys on mobile devices, and uses biometric authentication along with the military grade encryption standard, AES 512, the press release reports.
The biometric authentication feature allows only the phone’s owner to move funds from the wallet, VaultTel’s website states.
In order to place funds, customers can either insert the VaultTel Card inside an unused SIM card tray — in the case of dual SIM capacity — or plug the chip to their phone via an dongle accessory. The user can then use the mobile app to interact with their stored funds.
According to the firm, users can lock the VaultTel Card to a single device and to a particular geographical location.
According to VaultTel, it has implemented the latest bitcoin standards for the product, including Bitcoin Improvement Proposal (BIP) 39 for mnemonic seeds and BIP44, which allows for HD (hierarchical deterministic) wallets. Users can back up their wallets on other VaultTel cards.
The product has been launched for the U.S. market and is expected to be made available in European countries shortly through VaultTel’s U.K. subsidiary.
The wallet can be pre-order with two options: an Android package at a cost of £75 ($98) and an iOS package at £100 ($131), the website indicates.
The use case for storing cryptocurrencies securely on smart phones has quickly taken off as observed by various launches occurring in recent months.
South Korean tech giant Samsung’s recently released the premium device, the Galaxy S10, which has a hardware enclave within the phone that is aimed to protect wallets on the device from hacking. The wallet supports Bitcoin, Ethereum, COSMEE’s token and Enjin’s token.
However, none of that innovation have taken the form factor that fits a device’s SIM slot.
In January, cryptocurrency hardware wallet firm Ledger launched the new Bluetooth-based wallet, Ledger Nano X, boasting ability to keep 100 different crypto assets in store. Shortly later, the company released Ledger Live — a mobile app for Android and iOS that allows Nano X wallets owners to utilise their wallet without the need for a cable via their mobile device and a Bluetooth connection.