An American startup has developed a cryptocurrency hardware wallet that fits inside a SIM card slot in a mobile phone. VaultTel announced that the hardware combines an app with the its own chip card to store cryptocurrencies private keys. The Android chip is selling for $100, while the iOS one costs $130.
The iOS version is more expensive, because it requires an additional accessory to be connected to the phone. Cryptocurrency investors that see value in the hardware, can also invest in the project through crowdfunding platform Kickstarter. Here the two chips sell for 60 and 75 dollars.
To make sure consumers don’t lose their funds, it requires biometric authentication and it obviously is well encrypted. The company states on its website that the hardware wallet can not be reached by outside sources, because it doesn’t use the phone’s own hardware.
With the crypto wallet chip inside a phone, it’s impossible to make phone calls. Therefore this project makes only sense if you have two SIM-card slots in your phone. Companies like Xiaomi, Honor and Huawei – all Chinese – have several dual-SIM models on the market. Samsung has several as well, including the new Samsung Galaxy S10. Apple stays behind, as none of their phones allow dual-SIM.
Also published on Medium.