More companies are focusing on cryptocurrency wallets for smartphones and ones that can ensure a high level of security. The latest is from VaultTel LLC, a U.S. based tech company which launched a cryptocurrency hardware chip for Android and iOs devices. The startup also paired it with a software application that will allow virtual assets to be safely stored on mobile phones, according to a press release on March 6.
Cryptocurrency Hardware Chip Launched for iOS and Android
Per the press release, a cryptocurrency hardware chip, VaultTel has been launched in the U.S, and it will soon be released in the UK. The chip can be placed in the SIM card tray of a dual SIM Android smartphone or connected using a dongle in the case of an iPhone. To support the hardware, there is an application that provides a user interface to access the storage.
Reportedly, the essence of the wallet is to give people a secure way of storing and accessing virtual currencies. Therefore, a biometric feature has been incorporated into VaultTel and as such, before the password is entered and funds are accessed, biometric authentication has to be carried out.
Device and Geo Lock to Enhance the Level of Security
In the same vein, there is a device lock which ensures that only a single phone gains access to the storage. The geo-lock feature also holds a promise of ensuring that funds can only be accessed in a particular location. The AES 512 encryption has been touted to be military grade encryption.
Isaac Daniel, CEO of VaultTel said:
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.
Accordingly, VaultTel can be said to be the first cryptocurrency wallet with these security features which are targeted at smartphones. Others in the market like the Trezor and Ledger hardware wallets can only be used on computers and laptops. They also require an external device as well as a micro USB before they can be connected.
More Focus of Cryptocurrency Wallets on Smartphones
Of late, more focus has been given to cryptocurrency wallets on smartphones. No longer will people have to download applications which at times could contain malware or even be the unofficial one, they can now store these assets on built-in wallets. For instance, a crypto wallet has been incorporated in the latest Samsung Galaxy S10 and so did the Sirin’s Finney feature one.
Aside from these, Opera Web 3’s browser for Android also features a wallet for storing Ethereum and other ERC20 tokens. On March 5, the software company announced that soon, the same would be the case on the Opera Touch for iOS devices.