U.S.-based startup VaultTel has launched a tiny cryptocurrency hardware wallet that sits in the SIM tray on mobile phones.
The firm announced Tuesday that the wallet solution combines an app and the VaultTel Intellichip card to store cryptocurrency private keys on mobile devices, using biometric authentication and "military grade" encryption to keep the funds safe.
The card can be placed in the SIM card slot of dual-SIM Android mobile phones, or can be used with a dongle accessory on iPhones, VaultTel said.
The biometric authentication feature ensures that only the phone's owner can transfer funds from the wallet, VaultTel explains on its website. "More than that, no spy screen recorder or Trojan can record what is happening on your hardware wallet, as it's a not using your laptop or system resources," the firm adds.
The wallet is available for pre-order with two options: an Android package at a cost of £75 ($98) and an iOS package at £100 ($131), the website indicates.
The Intellichip uses the AES (Advanced Encryption Standard) 512 to securely store data and also has optional features such as being able to restrict wallet access to a particular device and "geolock," which constrains access to a particular geographic area.
The product has now launched for the U.S. market and is expected to be made available "immediately" in European countries through VaultTel’s U.K. subsidiary.
The use case for securely storing cryptocurrencies on mobile phones is fast taking off, with a flurry of launches occurring in recent months.
However, none so far have taken the form factor that would fit a device's SIM slot. If you want to go really small, you can also get a chip that will store crypto keys that can be inserted under your skin.
SIM slots image via Shutterstock; product image via VaultTel
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.