Your smartphone may be the safest place to store your cryptocurrency keys. According to VaultTel, their newly launched app and chip combo turn any mobile phone into a safe crypto wallet. Their proprietary technology works both for Android and iOS phones. Thus, crypto investors do not have to carry extra devices with them in order to check their funds and authorise transactions.
Ease of Use and Comfort
The VaultTel chip can be installed in two ways:
- In the SIM card tray for dual SIM Android phones;
- Via a dongle for Apple iPhones (included in the package).
This is the smallest, safest and most convenient way of carrying a cryptocurrency wallet. Practically, it has the same size as a mobile SIM card. However, the company says that it is even safer than cold storage wallets on the market, such as Ledger or Trezor.
What Security Options Offer the VaultTel Chip and App?
According to the CEO of VaultTel, Isaac Daniel:
VaultTel’s multi-actor authentication security designed for cryptocurrency storage on mobile phones is the first of its kind and that really sets us apart.
The company claims that their wallet solution provides superior security compared to other products on the market. They back their claim stating that the VaultTel chip and app combo features:
- Biometric authentication – the first authentication factor for accessing the wallet passcode;
- Device locks – the wallet can be used only from a specific device
- GeoLock – the wallet can only be accessed from a specific geo fence;
- Latest Bitcoin standards – VaultTel uses a seed created with 24-word mnemonic phrase, in accordance with BIP32, BIP39 and BIP44 standards;
- AES-512 military grade encryption.
The biometric authentication technology used by the VaultTel app and chip combo is compatible with Android and iOS fingerprint feature and with iOS facial recognition.
What This New Product Means for the Future of Crypto Holding
As this is the first product that turns a mobile phone into a secure wallet for cryptocurrencies, it is difficult to compare it with other cold wallets on the market. One thing is for certain, though. It is a first step towards a new direction. As people rely more and more on mobile phones, they want to be able to perform as many tasks as possible on this device. Even laptop computers are too difficult to handle when people are on the run and want access to important information.
Thus, we are looking forward to future developments in this respect. For now, it is up to you whether you want to give the VaultTel app and chip combo a try. If you do, you can preorder it here.
Tamara is a marketing and PR professional, enthusiastic about crypto, blockchain and technology in general. She’s the editor at Bitcoin UK.