This New Hardware Wallet Fits Into a Smartphone SIM Tray
March 7th, 2019
On March 5, a new hardware wallet was unveiled by U.S. tech startup Vaulttel that fits inside a mobile phone’s SIM tray. According to the manufacturer, the Intellichip SIM card uses state of the art encryption while also providing biometric authentication.
The Vaulttel Intellichip SIM Card: A Different Kind of Cryptocurrency Wallet
While most hardware wallet manufacturers sell a device that stores and signs cryptocurrency transactions, Vaulttel has released a different kind of wallet. The Vaulttel Intellichip card is a wallet that fits into a SIM card tray and allows users to store and access their private keys. According to the company, the wallet surpasses the competition because it includes biometric authentication, the ability to limit access to wallet to a particular geo fence, and device locks so the user can assign the wallet down to a particular phone. In order to use the application, users are required to utilize a chip and chip dongle. Vaulttel also allows users to back up wallets with additional Intellichip cards.
“Vaulttel is the only cryptocurrency storage solution designed for mobile phones,” the company asserted. “Other products available on the market, such as Ledger and Trezor Wallet, utilize an external device with a micro USB connection — They only work on laptops and desktops while our solution was developed to work on mobile phones.”
Biometrics, AES512 Encryption and Multi-Actor Authentication
Vaulttel is selling the hardware devices for Android and iOS smartphones. Currently, the iOS kit is selling for $131 and the Android package is $98 according to the Vaulttel website. The Miami-based startup explained that the cryptocurrency wallet uses BIP39 seed and BIP44 HD wallet types. Vaulttel claims the Intellichip cards are backed by military-grade encryption AES512 in order to encrypt/decrypt the files stored on the owner’s device. Additionally, without the ability to access a user’s biometric authentication, no one can steal the device and use it maliciously. “More than that, 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,” the company’s website details.
“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,” remarked Vaulttel’s founder Isaac Daniel during the announcement.
Over the last few months, there has been a slew of new hardware wallets unveiling features that older manufacturers have not replicated. For instance, Cool Wallet X is much different to an ordinary hardware wallet because it is bendable and shaped like a credit card. Other alternatives have implemented bluetooth and Near Field Communication (NFC), enabling cryptocurrency users to access their wallet without a USB cable. Vaulttel’s biometric features and the ability to add the SIM card to any mobile device using iOS or Android systems may entice people looking for something different.