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Startup From USA Introduces Smallest Crypto Wallet

15:27 07/03/2019
VaultTel Creates SIM Sized Crypto Wallet

The developers of an American startup VaultTel have created the smallest cold storage crypto wallet that can be inserted into the SIM card slot of a smartphone, Finance Magnates reports.

 

The VaultTel startup sought to develop a product as safe as possible for storing digital assets. The new solution combines an application called the VaultTel App and a special VaultTel Card chip. Their simultaneous operation allows creating the necessary conditions for the protection of cryptocurrencies.

 

Apart from the password, the crypto wallet system uses obligatory biometric identification, which allows conducting crypto operations on mobile devices exclusively by their owners. An additional security measure involves linking the chip to a single smartphone or a specific geographic region. When creating the crypto wallet, the company's developers used the AES 512 encryption, while most specialists use AES 256 and lower.

 

The multi-factor identification system VaultTel, designed to store digital assets on smartphones, was developed for the first time, and this is what distinguishes the startup from other companies, Isaac Daniel, VaultTel executive director, stated.

 

Residents of the United States can already make a pre-order, the price of the wallet on Android is $98, and $131 — for the iOS version. After a while, residents of European countries will be able to purchase the crypto wallet as well.

 

Earlier, a video demonstrating the Telegram crypto wallet, which has not yet been released and which will be built into the popular instant messenger, appeared online.

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