U.S.-based blockchain startup VaultTel has released a minuscule crypto hardware wallet that can be stored in a mobile device’s SIM card slot.
Announced Tuesday, the new wallet solution leverages on VaultTel’s Intellichip card for storing crypto private keys and uses biometric verification on top of “military grade” encryption to ensure the funds’ security.
In addition to allowing users to insert the card into a dual-SIM Android device, the crypto hardware wallet can also be used with a dongle on iPhones.
As VaultTel outlined on its website, the biometric authentication feature was integrated to ensure that only the owner of the mobile device has access to the funds stored in the wallet.
As the firm further stressed:
“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 crypto hardware wallet is currently available for pre-order at $98 on Android and $131 on iOS devices.
VaultTel’s Intellichip uses the Advanced Encryption Standard (AES) 512 for ensuring that data are safely stored, with optional features that allow users to limit wallet access to specific devices and a “geolock” that restricts access to particular territories.
The product, which allows users to back up their wallets on their VaultTel cards, implements the latest Bitcoin standards, including Bitcoin Improvement Proposal (BIP) 39 for mnemonic seeds as well as BIP44, which allows for HD (hierarchical deterministic) wallets.
Following its initial launch in the U.S., VaultTel’s crypto wallet solution will also be rolled out in the European markets through the company’s U.K. subsidiary.
As use case for storing digital assets via mobile devices gain traction across the globe, multiple other companies have also launched similar solutions, among which includes Samsung’s forthcoming flagship device, GalaxyS10.
As the tech titan previously disclosed, the new mobile device will feature a hardware enclave designed to protect wallets from hacking. Previously, Sirin Labs’ has also disclosed plans of releasing a mobile device which features a built-in hardware wallet.
What sets VaultTel’s hardware wallet is its capacity to be inserted into a mobile phone’s SIM tray.