US Startup Introduces Crypto Hardware Wallet Chip for Cell Phones

United States startup VaultTel has introduced a hardware cryptocurrency wallet designed to fit in a mobile phone SIM card tray, a press release from the company reveals on March 6.

The solution reportedly combines a mobile application and a hardware chip, dubbed the VaultTel Card. The crypto storage solution will be sold in the U.S. starting today and will “immediately expand” to European countries via VaultTel’s United Kingdom subsidiary.

The wallet uses biometric authentication along with the military grade encryption standard, AES 512, the press release reports.

According to the firm, users can lock the VaultTel Card to a single device and to a particular geographical location.

To store funds, customers can either insert the VaultTel Card inside an unused SIM card tray — in the case of dual SIM capacity — or connect the chip to their phone via an accessory, such as a dongle. The corresponding mobile app will then let users interface with their stored funds.

In February, after weeks of rumours and speculations, South Korean tech giant Samsung officially announced at the Mobile World Congress that its new smartphone, the Galaxy S10, will include a digital wallet that supports Bitcoin (BTC), Ethereum (ETH), COSMEE’s token (COSM) and Enjin’s token (ENJ).

In January, cryptocurrency hardware wallet firm Ledger presented its new Bluetooth-based wallet, Ledger Nano X, that has the capacity to store 100 different crypto assets. Later that month, the company released Ledger Live — a mobile app for Android and iOS that allows Nano X wallets owners to use their wallet without the need for a cable via their mobile device and a Bluetooth connection.