Telx Technologies Rolls Out World’s Inaugural Cryptocurrency-Facilitating Sim Card Wallet
Cryptocurrency and telecommunications payments company Telx Technologies, has developed the first cryptocurrency SIM card wallet – which will allow Telx customers to send cryptocurrency transactions via SMS to any phone number around the world.
Telx does this by providing the customer with a SIM card and a phone number that have cryptocurrency wallets linked to them.
The agenda behind the project is to enable people to send money internationally without the need for a smartphone, Internet connection or wallet app/address. According to Telx, its launch will be the world’s first such SIM card used for this purpose. In a Medium post, the company announced the launching of the sim card:
“Send crypto via SMS with the first cryptocurrency sim card and phone number wallet.”
Telx seems to be catering to the non-technical audience in the cryptocurrency community. The company claims that SIM cards work in over 180 countries and can be used with any phone having an open SIM card slot. The company has a catalog of worldwide enabled phone numbers from which the customer will choose and use as their new wallet identity. This replaces long, confusing public keys.
Telx customers will be able to send cryptocurrency transactions to Telx phone numbers, regular phone numbers or cryptocurrency addresses themselves.
Because the Telx SIM card works over telecommunication networks instead of internet networks, there is no need for an internet connection, smartphone or application. This allows users who are in parts of the world with an unreliable internet connection to participate in the fast-growing blockchain industry.
Telx seems to be borrowing from a similar service for fiat currency exists called “M-Pesa” which allows users to send money to other phone numbers via SMS. Since the launch of this product, it has grown quickly at becoming the most widely used phone-based peer to peer money transfer system. Telx is determined to be the cryptocurrency version of this service but with global unfettered access.
According to Cointelegraph, Telx sim card supports Bitcoin, DASH, Zcash as well as Bitcoin Cash. The company promises to prevent SIM swapping and phone number porting, to accept transactions originating only from the proper SIM card, to protect the wallet with a dedicated PIN number and to provide backup keys in case of a theft or loss.