A San Jose, California-based company has launched the first cryptocurrency hardware wallet that fits in the sim card tray of a mobile phone.
“The first of its kind”
The Silicon Valley startup – VaultTel – announced the launch via a press release. Hardware wallets have been available for a few years through providers such as Trezor and Ledger. However, these differ from VaultTel’s offering as they can only be used with a laptop or desktop.
VaultTel’s hardware wallet slots into the sim card tray of a dual sim mobile phone. Alternatively, it can be used in a dongle format on iPhone.
The company emphasize the security aspects of the product with VaultTel CEO, Isaac Daniel stating:
“VaultTel’s multi-actor authentication security designed for cryptocurrency storage on mobile phones is the first of its kind and that really sets us apart.”
At its core, the product utilizes a secure software solution that runs as an app on your phone, together with a VaultTel card laden with an Intellichip.
It claims to facilitate users in storing and accessing their private cryptocurrency key with a higher security level than products offered by competitors. Amongst those security features is biometric authentication, which is needed to access the wallet passcode and wallet.
On its website, the company claims that no one can transfer the users cryptocurrency without knowing their biometric authentication. It states:
“No spy screen recorder or trojan can record what is happening on your hardware wallet, as it’s not using your laptop or system resources.”
Military Grade Encryption
AES 512 encryption is employed to protect crypto keys. This encryption standard – which the company describes as “military grade encryption” – is used to encrypt/decrypt cryptocurrency keys.