The United States-based startup VaultTel, which combines a secure software solution and chip hardware to store users’ Cryptocurrency and digital assets within mobile phones, has launched a hardware Cryptocurrency wallet that can fit in a mobile phone SIM card slot. The wallet reportedly integrates a mobile application and a hardware chip, named the VaultTel Card, which utilizes biometric authentication along with the Advanced Encryption Standard (AES) 512, a military-grade encryption standard. It is used to protect the data and to limit the access to the hardware wallet to the user.
The VauilTel crypto storage solution is now available in the U.S. and will immediately roll out in European countries through VaultTel’s United Kingdom subsidiary. According to the company, users can lock the VaultTel Card to a single device and to a particular geographical location. They can either insert the VaultTel Card inside an unused SIM card slot to store funds or can link the chip to their phone through an accessory like a dongle. The corresponding mobile application will then enable users to interface with their stored funds. The crypto hardware wallet utilizes the latest Bitcoin security standards and it is fully compatible with the most popular token in the marketplace, the company added.
This isn’t the new approach to present a crypto wallet where users can access it from their phone. More initiatives already have taken in this space. For instance, tech giant Samsung introduced its new flagship phone Galaxy S10 last month, which features a digital wallet that supports Bitcoin, Ethereum, COSMEE’s token and Enjin’s token. Moreover, a Cryptocurrency hardware wallet firm Ledger earlier this year demonstrated its Bluetooth-based wallet, Ledger Nano X, which has 100 different assets storable capacity.