New VaultTel Intellichip Card Crypto Hardware Wallet Launches To Fit Inside Phone’s SIM Slot
New Crypto Hardware Wallet Can Be Used In Your Phone’s SIM Card Slot
VaultTel, a startup based in the United States, has recently decided to launch a new hardware wallet which is so tiny that you can basically use it as a SIM card. Ok, not so much as a SIM card because you can’t use it to make phone calls, but you can put it in the SIM card slot and use it as a wallet, which is what it was designed for.
The company has announced the product yesterday, March 5, which consists of a combined wallet solution: the tiny chip and an app that you can download to use it. The chip can store your private keys on your cellphone and it uses biometric authentication in order to keep your money always safe.
Biometric features are important for phones as they ensure that people cannot simply steal your phone or take it while you are not seeing it and steal your money, which would turn the technology into a liability. Also, no spyware will be able to actually record what is happening in the wallet while you use it.
The chip used by the company is the Advanced Encryption Standard (AES) 512, which is used to secure the data and to restrict the access to the hardware wallet to the user. It also has geolock features, which can be used to restrict the access to certain areas.
According to the company, the wallet uses the latest Bitcoin security standards and it is fully compatible with the most popular token in the market.
Any recent dual-SIM Android phone or iPhone can use the device (older models may not be fully compatible with the software, though, so be sure to check that).
At the moment, you can pre-order the wallet in two different packages, the Android one is cheaper and it costs $75 GBP, while the iOS package costs $100 GBP. At the moment, the product is being offered to U. S. and European markets.
Wallets And Phones
The idea of launching crypto wallets that you can access from your phone is not exactly new and people have been talking about crypto or blockchain-based phones for a while now, but not a lot of plans were fruitful until recently.
More initiatives are appearing now, though. For instance, Samsung has recently launched its new flagship phone, Galaxy S10. The phone features a hardware enclave that is aimed at protecting the wallets of people from being hacked. Sirin Labs has also created a blockchain-based phone last year.