New Crypto Hardware Wallet Fits Your Phone’s SIM Card Slot

[Kimi80]

The firm announced Tuesday that the wallet solution combines an app and the VaultTel Intellichip card to store cryptocurrency private keys on mobile devices, using biometric authentication and “military grade” encryption to keep the funds safe.

The biometric authentication feature ensures that only the phone’s owner can transfer funds from the wallet, VaultTel explains on its website. “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 firm adds.

However, none so far have taken the form factor that would fit a device’s SIM slot. If you want to go really small, you can also get a chip that will store crypto keys that can be inserted under your skin.

That's some fancy protection but the big problem with smartphone hardware crypto wallets I see is losing a smartphone. According to data here and here, 2.8% of smartphones are lost each year. It's not a very big amount, of course, but it's also not something to ignore. 93% of these are lost forever by their owners. Imagine that you had all of your bitcoins on your phone. Would it really make you feel better that nobody can access your money while you are not able to do that as well? That's why I prefer online wallets. Hardware ones just make me too nervous.

You can lose not only smartphone but any hardware wallet like trezor and etc, you can even lose keys of your digital wallet, you can lose any data, doesn't matter.
I like this news very much, when I read title, I already knew what it would be but I am amazed why such a thing wasn't already released, btw idea is great.
For iphone users, they can switch to android. I think anyone who loves modifing things, will choose android over iphone because on android you aren't limited.

Yes, you can loose hardware wallets, keys, data etc. It`s true. But you have your mobile phone always with your self, wherever you are going. The possibility of losing it is increasing that way, you don`t carry your laptop, desktop, private keys with you all the time. The possibility is always there and I wouldn`t be ready to take that risk.

[MakeMoneyBtc]

I think this is pretty cool especially because such a small card can be easily hidden and it looks almost impossible to find it inside of someones house even if you look everywhere. My main concern about this is the security of it since you are using your phone hundreds of times during the day and it could be infected anytime.

[milewilda]

Yes, you can loose hardware wallets, keys, data etc. It`s true. But you have your mobile phone always with your self, wherever you are going. The possibility of losing it is increasing that way, you don`t carry your laptop, desktop, private keys with you all the time. The possibility is always there and I wouldn`t be ready to take that risk.

Same thoughts where tendency on losing it would really be high compared to those hardware wallets which is only kept on a certain place compared to mobile phone which is always on your side.
Im bad on keeping my phone where i do lost almost 3 of them.So, i wont really consider this stuff to suit me. lol

I think this is pretty cool especially because such a small card can be easily hidden and it looks almost impossible to find it inside of someones house even if you look everywhere. My main concern about this is the security of it since you are using your phone hundreds of times during the day and it could be infected anytime.

True, a mobile phone is actively connected to internet and i wouldnt risk out to use this thing and i would still make use the traditional hardware wallets.

[LeGaulois]

The authentification is biometric, so there is no problem with the phone connecting to the internet... unless someone can fork your fingers...
Also, you can use an old smartphone or tablet that you don't use anymore for example  reset the device to the manufactory settings...

The idea is a good idea for people with dual slot for the SIMs

[BitMaxz]

It seems that they get the idea from this video https://www.youtube.com/watch?v=a_lQdg8yAwM

Where you can use both sim and SD card Simultaneously.

So this only works on Samsung devices? it seems that also Xiaomi phones have the same SD/Sim slot as Samsung Edge 7.

This is interesting and I am sure they're more crypto user's will be interested and use this new hardware wallet because we always carry our phones anywhere.

[Oasisman]

That looks like a memory card. I was thinking if its possible to insert this chip into the memory card slot instead of the sim slot. Because dual sim could be useful for both networks specially for a business man.
Anyway, the idea and security for this chip is very impressive. Now, robbers will not only aim for your phone, they'll also need your finger lol.

[HCP]

Is it just me... or is that just a MicroSD card that also has the "sim" (smart card?) contacts on it?



As the video on their website seems to suggest it goes into the spare tray in a dual-sim unit... most of these slots actually double as a microsd card reader, I wonder if that is how it is actually interfacing with the phone?

I assume the "smart card" contacts are only used by their proprietary dongle

[LeGaulois]

I visited their site and I think we got something wrong. It's not a "SIM card wallet", you don't insert it in a SIM card slot. In fact, on their website, it's mentioned nowhere the word SIM.

Take a look closely at this page https://vaulttel.net/features.
Scroll down a little and this how it's plugged on the phone. Also on the top of this same page you can read

In order to use this app, you need to use our chip and chip accessory/dongle. iPhone users receive a chip accessory/dongle as part of the package

[aioc]

I visited their site and I think we got something wrong. It's not a "SIM card wallet", you don't insert it in a SIM card slot. In fact, on their website, it's mentioned nowhere the word SIM.

Take a look closely at this page https://vaulttel.net/features.
Scroll down a little and this how it's plugged on the phone. Also on the top of this same page you can read

In order to use this app, you need to use our chip and chip accessory/dongle. iPhone users receive a chip accessory/dongle as part of the package

I think it's much better than inserting it in a sim, so if they can only use their dongle then you can separate in case you will not use it, it's a better innovation than a USB, I'm sure it will be adopted widely by cryptocurrency holders all over the world but the price is not attractive to average investors.

[HCP]

I visited their site and I think we got something wrong. It's not a "SIM card wallet", you don't insert it in a SIM card slot. In fact, on their website, it's mentioned nowhere the word SIM.

And then look at about the 55 second mark of the video on the "About" page... and watch as the device is inserted into the SIM Tray...

On the original Kickstarter page, it also mentions:

Compatible with iOS* devices supporting fingerprint and facial recognition authentication and Android devices with fingerprint authentication technology and dual SIM tray. 

it is necessary a chip accessory for iOS. The accessory comes with the VaultTel Chip for IOS devices.

I think it's much better than inserting it in a sim, so if they can only use their dongle then you can separate in case you will not use it, it's a better innovation than a USB, I'm sure it will be adopted widely by cryptocurrency holders all over the world but the price is not attractive to average investors.

Why do you think it is a better innovation than USB? We don't need "another standard"

USB is an already widely adopted standard compatible with a lot of devices... most current devices (excluding iOS devices) already support USB-OTG... Apple just loves their proprietary connectors like "lightning" so they can sell overpriced apple-only accessories and further lock users into their ecosystem

I seriously doubt that this system will be adopted widely.